Tax Deductions for Tampa Bay Homeowners (Part 2)

Published On: March 16, 2020|Categories: Home Owners, Tax Deductions, Taxes|Tags: Tax Deductions, tax deductions for home owners, tax deductions for homeowners|

As a homeowner, you could be entitled to a number of tax deductions that renters don’t qualify for—but you may not even know what they are.

In this three-part series, we’re exploring the most common (and not-so-common) homeowner tax deductions available. Part one, which deals with the most common deductions, is located here: Common Tax Deductions for Tampa Bay Homeowners.

This isn’t tax advice. We’re not tax professionals; we’re Realtors®. If you have questions about your taxes as a homeowner, you should consult with a tax professional.

3 Moderately Common Tax Deductions for Homeowners

Not everyone qualifies for these tax deductions, but if you do, you could save yourself a significant amount of money when you file your next tax return.

Capital Gains on the Sale of a Home

You may be able to avoid capital gains tax. This is only true if the gain from selling your personal residence is less than $250,000 if you’re single or less than $500,000 if you file jointly. You must have owned and used the home as a primary residence for at least two out of the past five years, as well.

Medical Improvements

If you’ve had to make medical improvements to your home, you could be eligible for certain tax breaks. Medical improvements include installation of a ramp, a lift, or other mobility devices, and a few other medically necessary improvements, as well. These deductions are only available for the amount by which the improvements beat the increase in your home’s value, though.

Home Office

If there’s a space in your home you use exclusively for work, you could be eligible for a home office tax deduction. (You can learn more about the home office tax deduction here.)