Tax Benefits for Homeowners

*Reach out here to discuss any Real Estate-related topic in depth.


Ready or not! Tuesday, April 17th is Tax Day. 

Homeownership offers great benefits at tax time, and I’ve got tips and a couple of basics to help you understand the interplay between your home and your taxes. DISCLAIMER: I am not a tax or financial planning expert, and you should rely on a qualified financial professional for assistance in matters of this nature.


Is mortgage interest tax deductible?
The interest portion of your mortgage payment (PITI = Principal, Interest, Taxes, Insurance) is tax deductible, meaning you can subtract the interest portion of your mortgage payment for the year from your taxable income. The lower your taxable income, the less you will pay in taxes. #winning

A bonus feature of this tax deduction: If you are new to homeownership, or your particular home loan, the amount of interest you pay on the loan is probably heftier than it will be further down the road, since mortgage loans are front-loaded with higher interest payments. If you have only lived in your home a few years, you’ll hopefully have a nice deduction available.

TIP: Form 1098, your Mortgage Interest Statement, will be provided by your mortgage lender, and gives you the information you need to claim your two most basic (and probably your largest) mortgage-related tax deductions: Mortgage Interest and Property Taxes.

Fast Tax Facts

  • Homeowners must itemize deductions using Form 1040 to deduct Mortgage Interest and/or Property Taxes from your taxable income.
  • The current standardized deduction amount (non-itemized) for Singles is $6,350, $12,700 for couples.
  • Carefully check dates on all tax-related Real Estate forms. Some municipalities issue forms a year behind, but you need to record the actual Property Tax paid for the year you are filing. Be sure to record your 2017 Property Taxes paid on your 2017 tax filing.
  • Your escrow account for Property Taxes and your actual Property Taxes paid may differ; file taxes using the actual amount paid, not the amount held in escrow.
  • Do you work from home? You can deduct a max of $1,500 ($5/sf for up to 300sf) for your home office.
  • Track your home-related expenses. You can lessen the impact of capital gains taxes on the future, profitable sale of your home by subtracting what you’ve spent on repairs and improvements.

Do you need a referral to a tax expert? Maybe you’re wondering whether it’s time to take the plunge on buying your first home, next home, or a home investment?

Let’s schedule a complimentary consultation to discuss your Real Estate needs. 

Jack Meyers
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5 Ways to Fall Back in Love with Your House

Have you fallen out of love with your home? 

I love my work as a Realtor here in beautiful Denver, CO — helping people sell their home to move on to the next big thing, and helping others find their next just-right home. It’s a great way to spend my days!

Sometimes, though, I meet up with friends & clients who have no plans to move, but have lost the spark they once had with their houses. I have a few tips for teaching your old house new tricks, and making the house you live in right now — sparkle & shine.

5 Tips to Help You Love Your House Again

Remove something from each room. You don’t have to complete a whirlwind decluttering session to change the character of a room. Start with whatever room you spend the most time in, and remove 2-3 items you don’t use often. A small ottoman that doesn’t see much use, a pile of magazines that are out of date, or a piece or two of artwork that are no longer favorites. Less really is more.

Wash the Windows. Seriously! Having all the windows in your home professionally cleaned is probably cheaper than you think, and will give your house a bright new outlook. Spring is a great time to do it, and some operators offer late-winter specials, before their busy season kicks in. Call me if you need a recommendation.

Bring life to your home. Studies have shown that indoor plants can purify the air in your home, reducing levels of airborne bacteria and mold in the process. They can also increase oxygen levels, reduce stress and improve your ability to focus. Houseplants are a relatively inexpensive way to freshen your space; if you’re a bit of a brown thumb, just consider how much cheaper long-lasting houseplants are than flowers, and when Mr. Plant dies, just pick out a new one.

Repurpose your spare room. How often do you really have house guests? If the answer is once or twice a year, you may be wasting space on a designated guest room. How about turning it into a fabulous walk in closet, or that home office you’ve always wanted? Having the kids bunk together for a night or two when Grandma’s in town is totally doable — especially if it means you gain usable square footage that adds to your life year-round.

Make more memories. If your home has started to feel a bit stale, maybe it’s not the decor. Maybe you need to do a little more living in your living room. Plan a family game night once a month, or host a neighborhood chili cook-off. Hold an indoor scavenger hunt with the kids, or pick an outdated space that you can roll up your sleeves and paint or revamp — together. New memories build intrinsic value into your home, and remind you why you picked this house in the first place.

Jack Meyers
Twitter: @jackestate