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Home Ownership

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• Capital Gains Exclusion: Upon selling their home, homeowners may qualify for the exclusion of up to $250,000 in capital gains (or $500,000 for married couples) if they meet certain residency requirements
• Energy-Efficient Home Improvements Incentives: Tax credits for energy-efficient improvements, such as solar panels or energy-efficient windows, can also be claimed.

Determining whether to itemize your deductions or opt for the standard deduction is a critical first step. Before taking any action, it’s advisable to consult with a tax professional or financial advisor to maximize your benefits and ensure compliance with tax regulations. If itemizing your deductions is right for you, you can make the most of your investment in home ownership and pave the way toward a more secure financial future.

 

 

 

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