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Buying and Selling a Capitol Hill Home: Tax Benefits Survive "Fiscal Cliff"

Lawmakers on Capitol Hill want the home buyers and sellers in their neighborhood and throughout the country to understand that tax deductions are still available, even during these turbulent times of the “Fiscal Cliff” and “Sequestration.”

Have you sold a home last year? You can exclude up to $500,000 of your profit if you are married and file a joint tax return, or up to $250,000 if you file a separate tax return, providing that you have met the two year ownership and residency requirements. (If you haven’t met those requirements, you may still be able to claim a partial exclusion.)

You still have the right to deduct the interest you pay on your mortgage. The IRS requires that the debt be on a “qualified home.” This includes your main house, where you and your family reside, and can also include a second home (with limitations for rental property; you must live in it for more than 14 days or 10 percent of the number of days during the year that the home is rented, whichever is longer). And if your boat or motor home has toilet, sleeping and cooking facilities, the interest you pay also can be deducted.

On January 1, Congress extended the right to deduct mortgage insurance premiums through 2013 and retroactively covered tax year 2012. If your income is below $110,000, you should be able to deduct the premiums you pay for mortgage provided by the Veterans Administration, the Federal Housing Administration and private mortgage insurance companies.

For more information, consult your financial adviser. You can also find helpful information in IRS Publication 523, “Selling Your Home” (2102).

Need help buying or selling a Capitol Hill home? Please contact Buckman Realtor. Specializing in real estate in the Capitol Hill, Cleveland Park, Chevy Chase and Northwest DC areas, the real estate professionals at Buckman Realtor will help you with buying or selling your Capitol Hill home, for the best price possible.

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Michelle Buckman Real Estate

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