Homeowners like to save money. Whether it’s a decision to refinance, add energy efficient windows or heating or cooling system, there are many ways to unlock “secret” value in your home. But the best way a Real Estate Agent Denver would advise you of is annual tax deductions.
Here are the top tax deductions to be aware of.
- Refinancing expenses for your Colorado Real Estate. If you refinanced and paid points or a fee based on the loan amount, you may qualify for a deduction. But unlike points paid on a new mortgage, those paid on a refinance are written off over the life of the loan. Each point generally equals one percent of the loan value.
- A Realtor in Denver also knows about foreclosures and mortgage workouts. If a lender forgives a debt, that amount is normally considered taxable income, but a 2007 tax law allows homeowners to exclude