We are not tax professionals…

But you can call someone who is, and when you do, you could ask them if you qualify for some of the tax benefits that homeownership could offer.*

Did you close on a house in Richmond, Virginia this past year? Some of your closing costs could be tax deductible. Property taxes are almost always tax-deductible, and transfer fees too. Points that you pay at closing can be tax deductible and interest that is pre-paid can be claimed as well.

Already own a home in Richmond, Virginia? Well, that’s okay, your PMI (that’s Private Mortgage Insurance) can be deducted for some individuals.** Also, your mortgage interest may be deductible. Equity loans and home improvement loans can be deducted too. Further, if you have made improvements that are energy efficient, you can claim a portion of those costs (think windows, doors, HVAC).

Lastly, did Linchpin find you a home with a dedicated office? If so, you might find some additional savings there as well.*** If not… let’s work on that in the coming year!****

* Again, we are not tax professionals and are in no way offering tax advice.

** Maybe that’s you, ask a tax professional.

*** Must be a dedicated office space, and fit other IRS criteria for a home office. Speak to your tax professional to see if your home office qualifies.

**** We are real estate professionals and can help you buy or sell a home and offer real estate advice for residential property in Richmond, VA and the surrounding counties.

If you are looking for a tax advisor, we suggest Thompson Accounting:

https://www.thompsonaccountinginc.com/