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Tax Deductions | Gwaltney Group | RE|MAX Results Blog

Tuesday, October 10, 2017   /   by Brian Ness

Buying a Home this Fall? Read This!

With warm temperatures and long days, Summer has traditionally been the high season for buying and selling real estate. But don't discount these advantages that crop up when temperatures fall.


1. Year-End Breaks
As long as you close on the property on or before Dec. 31, any property tax and mortgage interest paid are tax-deductible for that year. This can dramatically impact the amount of money you owe Uncle Same, or increase your refund. 


2. Less Competition
The National Association of Realtors® recently noted that, in an average year, nearly half of all home sales occur from May to August. Although most people
wait until the hustle and bustle of the spring selling season, you'll likely encounter less competition during fall and winter. That means less stress and a reduced chance you'll be involved in a bidding war. 


3. Eager Sellers
Sellers become more motivated the longer their home is on the market, especially now that summer rush is over. If a ...

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  first time buyers, first time home buyers, home buyers, tax deductions

Tuesday, March 07, 2017   /   by Brian Ness

Are You Getting the Home Tax Deductions You're Entitled To?

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

Owning a home can pay off at tax time.
Take advantage of these home ownership-related tax deductions and strategies to lower your tax bill:
Mortgage Interest Deduction
One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home -- and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a toilet.
Interest you pay on a mortgage of up to $1 million -- or $500,000 if you’re married filing separately -- is deductible when you use the loan to buy, build, or improve your home.
If you take on another ...

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  home tax credits, tax deductions, taxes