2022 Real Estate Tax Info

Tax season is upon us and I wanted to give you guys some updates! This year, the filing deadline is April 18. The deadline was pushed back since April 15 falls on a Saturday this year and Emancipation Day will be observed on Monday, April 17, so we get a few extra days. As you prepare your 2022 taxes, here are a few housing-related items to keep in mind!

Home interest deductions.

· Mortgages that closed before Dec. 14, 2017: A married couple filing jointly, and single filers can deduct mortgage interest on a combined debt limit of $1 million.

· Mortgages that closed after Dec. 14, 2017: For both primary residences and second home loans, married couples filing jointly and single filers can deduct mortgage interest on a combined debt limit of $750,000.

Property tax deductions.

Taxpayers who itemize can only deduct up to $10,000 on a combination of state and local property, income and sales taxes. This applies to property taxes on your primary residence, a vacation home and undeveloped land.

Capital gains tax exclusions.

Married-joint filers can exclude up to $500,000 and single filers can exclude up to $250,000 when selling their primary home, provided they’ve lived there two of the past five years.

Please consult your tax advisor for more information on how these and other tax deductions may apply to you.