As soon as the calendar flips to January, the official tax season is off and running toward the April 15 finish line. Each January, we provide useful tax info to help you prepare your tax return. This yearly tax focus has become a popular tradition with our clients because they appreciate the summaries of what has—or has not—changed in deductions and tax breaks related to homeownership.
As in years past, our goal is to remind you about home-related tax breaks that aren't likely to change and let you know which ones could change—or might have changed after we went to press. Of course, we'll be sure to keep you informed in further newsletters about any home-related tax changes, once they are finalized, that could affect your 2016 or 2017 tax returns.
Whether you've purchased or sold a home in 2016, homeownership continues to carry some of the best tax advantages available. Owning a home is all about advantages—from building your financial wealth and addressing housing security, to allowing a commitment to community to grow and provide the ability to be creative inside your home's four walls.
If you're getting ready to file a tax return or make a major decision related to buying or selling a home anytime soon, we strongly encourage you to consult a knowledgeable tax expert for the very latest tax-rule changes and how they could apply to your particular situation. Visit www.IRS.gov or call the IRS toll-free tax-assistance line at (800) 829-1040 for more information. Additionally, IRS Publication 530 "Tax Information For Homeowners" is an excellent reference available online at the Internal Revenue Service's website at www.IRS.gov.
Wishing you many happy deductions and we look forward to serving your homebuying and selling needs in 2017 and beyond!