If you recently bought a home, downsized, or have a mortgage, you might qualify for a tax deduction. As always, please consult your tax professional for more information on how this may apply to your situation. Tax rules change often.
- If you have a mortgage, you may be able to write off your interest as long as the home is your primary or secondary residence. Nearly 70% of homeowners with a mortgage claim this deduction on their taxes.
- If you have a home equity loan, you may be able to deduct interest as long as you are not subject to the alternative minimum tax (AMT).
- Do you pay local/state property taxes? These can also be deductible as long as you are not subject to the alternative minimum tax (AMT).
- Did you pay points to secure a better rate on your home loan? Under some circumstances you can claim a deduction on your primary residence. Visit irs.gov for more rules about this deduction
- Did you sell your home? You may be eligible for a break on capital gains taxes if you owned the property for at least 2 years and lived in it for 2 of the 5 years before you sold it.
- Did you make a home improvement for medical reasons? These may qualify for a partial deduction.
- If you use a part of your home regularly and exclusively for business, and your home is your principal place of business, you may be able to claim a deduction for that percentage of your home.
Don’t miss this year’s Nordic Lights Film Festival…
The Nordic Heritage Museum in Ballard is thrilled to present the eighth annual Nordic Lights Film Festival, hosted at SIFF Film Center on the Seattle Center campus. Each year the festival focuses on contemporary, award-winning films from Denmark, Finland, Iceland, Norway, and Sweden. This year, included are films from the Faroe Islands.
The Festival runs from January 12th-16th, 2017. Tickets and more information can he found at here: https://nordicmuseum.org/nlff