5 sweet tax deductions when selling a home

by Maria Del Carmen Sanchez

1. Selling costs are allowed as long as they are directly tied to the sale of the home, and you lived in the home for at least two of the five years preceding the sale.

2.Home improvements and repairs If you needed to make home improvements in order to sell your home, you can deduct those expenses as selling costs as long as they were made within 90 days of the closing,”

3. Property taxes if you were dutifully paying your property taxes up to the point when you sold your home, you can deduct the amount you paid in property taxes last year up to $10,000.00

4. Mortgage interest You can deduct on your mortgage of the portion of the year yo owned your home. Mortgage interest and property taxes are itemized deductions. This means that for it to work in your favor,all of your itemized deductions.

5.Capital gains tax for sellers as a reminder, capital gains are your profits from selling your home—whatever cash is left after paying off your expenses, plus any outstanding mortgage debt. And yes, these profits are taxed as income. But here’s the good news: You can exclude up to $250,000 of the capital gains from the sale if you’re single, and $500,000 if married. The only big catch is you must have lived in your home at least two of the past five years.

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