Wealth-Coaching

So, you made money in real estate last year?  Maybe you made a lot of money in real estate last year?

Are you dreading paying your taxes?  If so, maybe you need to be reminded of these oft forgotten tax deductions on real estate investments. (read the full article here)

1. Loan fee ‘points’ paid to obtain a home-acquisition mortgage
2. Deduct mortgage refinance fees paid to the lender over the life of the mortgage
3. Deduct undeducted loan fees from a prior home loan refinance
4. Deduct the mortgage prepayment penalty you paid
5. If you changed residences and job location in 2005, your moving costs may be tax deductible
6. don’t forget to deduct any uninsured casualty loss
7. Remember to deduct pro-rated property tax in the year of home sale or purchase
8. Deduct pro-rated mortgage interest in year of home sale or purchase
9. Remember to deduct prepaid property taxes and mortgage interest
10. Deduct ground rent if your home is on leased land

Tax time can be harsh, I know, especially as a small business owner, but by deducting what is allowable AND avoiding an audit, you can save yourself some real money come April 17th (this year’s tax deadline).