With the infamous tax deadline filing of April 15th fast approaching, there are questions homeowners, buyers and investors in Lakeland, Florida and around the country may have. Are you prepared? While everyone’s financial situation is unique and I’m not a Certified Public Accountant (CPA), I do advise you seek a professional advice for your situation.
Possible Tax Deductions for Homeowner and Seller – Sellers if you sold your Lakeland main home in 2008, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Your mortgage interests, property real estate taxes and other fees may be tax deductible. You may be able to deduct amounts of some energy efficient improvements, such as solar water heating costs, solar electric costs, small wind energy property costs, and geothermal heat pump.
Possible Tax Credit for 1st Time Home Buyers Answers – Are you still waiting over the fence? While I can’t predict the future, I do know that our home prices in Lakeland and surrounding cities in Polk County are at levels we have not seen in a long time. With the possibility of obtaining a maximum $8000 tax credit that you may recoup in a 2008 tax return or if filed in a 2008 tax return amendment, all time low interest rate, the possibilities of seller’s or builder’s incentives; this is as good as it gets. As it stands right now, this great government incentive of $8000 will run out on December 1st, 2009. Why are you still paying rent?
Possible Tax Deduction for Investors – Do you recommend selling? This question is being asked mostly by absentee owners and investors. With investment properties, you have to take both – the good and the bad. While you have had the pleasure of getting top rent dollars with a great tenants and surely made profit along the way, I hope you also thought about “rainy days” as it is now and put money into a reserve account. For the losses accrued throughout this past year, the loss may be carryover to future gains on your tax return, depending on your situation. For this, I would definitely seek the advice of a CPA specializing in investment properties.
While I do recommend holding on to your property while riding out the storm because the value of the property is only on paper, your situation may warrant where there is no other alternative other than to sell. Give me a call and I will do my best to answer all your questions.
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Home Buyers – Homeowners – Property Investors – Tax Deadline April 15th
Licensed Florida Real Estate Broker
CDV TransAtlantic, Inc.
P.O. Box 92050 – Lakeland, FL 33804-2050
Telephone (863) 618-6919