The Flu and Taxes
(2 things you don’t want hitting you!)
Please excuse our sniffles, but here in middle Georgia, like most everywhere else, the flu is here and it has hit hard. Hospitals are full of people trying to get well. Households are doing their best to stay far away from germs. Here’s our stay-healthy suggestion to you: Stock up on chicken soup, zinc, ginger, Jello™, and Gatorade™ before you need it! Here at Team Wes, we are working through the germs, and catching up on paperwork and possibilities for our clients.
2017 was an incredible year for real estate, and 2018 is poised to be even more exciting. The numbers we are seeing are encouraging, if you are looking to buy or sell property in the central Georgia area. With the addition of an Amazon distribution center in South Bibb County, growth associated with Robins Air Force Base, a new high-tech greenhouse project in Peach County, and expanded recreational trails in Perry, there are more and more new families moving to central Georgia. Combined with Southern hospitality, low taxes, a comfortable quality of life, and convenient access to Atlanta, the coast, or the mountains, the heart of Georgia is beating strong!
The beginning of the new year is a great time to tackle paperwork, and for our clients who bought or sold property in 2017, there may be some very nice tax benefits for you! (***Disclaimer: just a reminder, that Team Wes specializes in real estate, not taxes, so please do your own research and definitely contact your own tax professional for more details!)
- If you bought a home in 2017 and have moved in as your primary residence, you can apply for a Homestead Exemption tax break. Contact your local county tax office to apply. You only have to apply once, to enjoy the benefits year after year!
- If you sold your primary home in 2017, you’ll want to read this article about capital gains and losses. www.Thebalance.com/deducting-house-sale-expenses-3974006. Also, of course, visit the IRS website for the most current tips for home selling and taxes.
- If you own a home in 2017, you can usually deduct your mortgage interest, if you itemize on your tax return. (If you own a second home, you can typically deduct the mortgage interest on that one, too, as long as you’re not using it as a rental property!)
- If you own a home in 2017, you can usually deduct your local property taxes on your federal tax return.
- Tax credits for energy-saving upgrades: if you added insulation, energy-efficient windows, doors, roofing, or Energy-Star appliances, there may be some tax savings for you, either now, or when you sell your home…but remember to Keep Your Receipts!. Again, search the IRS website for the most current information on this topic.
Here’s to health, home, and happiness!