Homeowners can save a few bucks during tax season with two energy-related breaks. The nonbusiness energy property credit provides $500 for energy-efficient home improvements, and the residential energy efficient property credit is applicable for solar and wind installations.
Redfin found eight tax breaks for homeowners, including the mortgage interest deduction, a deduction for mortgage insurance premiums, and deductions for real estate taxes. Tips and tricks can also save money when it comes to home offices, moving expenses, and recent inheritances.
Capital Gains Exclusion: If you’ve owned and lived in your principal residence for at least two of the last five years, then the exclusion for gain on its sale remains available. The exclusion is up to $250,000 of gain for a single taxpayer and up to $500,000 of gain for joint filers, said Mark Luscombe, principal analyst at Wolters Kluwer Tax & Accounting.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024