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2025 tax season note for homeowners: the State and Local Tax (SALT) deduction cap increased to $40,000. This applies only if you itemize deductions, and it includes property tax plus state and local income tax (or sales tax). Whether it increases your refund depends on your income, taxes paid, and whether itemizing beats the standard deduction. Not tax advice. Verify with your CPA. #realestate #tax #homeowner
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Selling your home? You may be able to reduce or defer capital gains taxes! Did you know that depending on your situation, you may not have to pay capital gains tax on the full profit from the sale of your home? Here are a few important things to know: 🔹 Primary Residence Exclusion: If you owned and lived in the home for at least 2 of the last 5 years, you may qualify to exclude up to $250,000 of capital gain if single, or up to $500,000 if married filing jointly, subject to IRS requirements. 🔹
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