Reduce your Tax Bill – using your old home

If you sold a home with us last year, this is not news to you — we already sent you a reminder ;o). If you sold your home anyway, here’s something you should know that can potentially help you save in your annual income review with Uncle Sam.

As the tax season goes into full throttle, we wanted to remind you not to forget about the Property Taxes that you paid on your previous property. Although it’s likely that you will get a statement from your financial institution if you had a loan with them and paid interest, the Real Estate taxes paid line item may not reflect the exact amount of taxes paid, if at all, as property taxes are typically not paid from escrow accounts until late in December.

The HUD-1 closing statement – the long sheet with all the numbers, and the first thing we typically go through at closing – has the exact dollar amount you paid in Property Taxes through the date you owned the property. Be sure to share this document with your tax preparer so (s)he can help you secure the maximum deduction possible for your Income Tax Return.

Note that this is not intended as tax advice – Always consult with your tax professional if this applies to your individual case. If this ends up saving you some money, though, just drop us a line!  You’re welcome. ;o)
About Danny Sanchez

Joining Rianne's award-winning team after a successful career as a Program and Operations Manager for a global outsourcing firm (with Fortune 100 companies as his primary clients), Danny has seen The Woodlands grow to what it has become today since 2001. An advocate for innovation and perfecting the Best Possible Real Estate experience, he understands very well that clients always come first. In his own words, "success looks like clients feel that they don't have any needs - because you've more than anticipated them."