Can I Deduct Home Upgrades and Refinancing Costs on Taxes?
Description:
In this episode of The Jones Zone, Darryl Jones invites tax professional Pat Leung to discuss this question and more on the tax implications homeowners face when it comes to real estate. They cover various topics, including the Tax Cuts and Jobs Act (TCJA), limitations on mortgage loans, property tax deductions, working remotely and home office deductions, documentation for claiming tax deductions, dealing with property tax assessments, tax implications of selling a primary residence, and deductions for home equity loans and lines of credit. Listeners will gain valuable insights into navigating the complex world of real estate taxes and learn strategies for maximizing tax savings.
Episode Highlights:
- Overview of the Tax Cuts and Jobs Act (TCJA) and its impact on real estate taxes
- Limitations on mortgage loans and property tax deductions
- Understanding the deductions for working remotely and home office expenses
- Importance of documentation for claiming tax deductions
- Dealing with property tax assessments and filing appeals
- Tax implications of selling a primary residence and the requirements for tax-free capital gains
- Exploring deductions for home equity loans and lines of credit
Key Questions Asked:
- How does the Tax Cuts and Jobs Act (TCJA) affect home ownership and real estate taxes?
- What are the limitations on mortgage loans and property tax deductions?
- How do homeowners who work remotely qualify for home office deductions?
- What documentation do homeowners need to claim tax deductions and how should they keep track of expenses?
- How can homeowners deal with property tax assessments they believe are too high?
- What are the tax implications of selling a primary residence and how long must a homeowner live in the home to qualify for tax-free capital gains?
- Are there any tax deductions available for homeowners paying off home equity loans or lines of credit?
Guest Information:
Pat Leung of Leung Tax Consulting
Website: www.leungtax.com
Phone: (949) 430-0338
Please note that the episode provides general information and listeners are advised to consult with a tax professional for personalized advice based on their specific circumstances.
Contact Darryl:
Darryl & JJ Jones Real Estate
Email: darrylandjj@gmail.com
Phone: (714) 713-4663
