Sam Schatzman joins me to answer tax questions from homeowners.
I’m here at SD Associates in Elkins Park, PA with Tax Manager Sam Schatzman. We’re in the thick of tax season, so I was excited to do a quick Q&A with Sam today. Here are the answers to some of the most common questions that homeowners have been asking us as we approach the deadline to file your return:
“A portion of your home office can be deducted against your business income.”
What are the most important documents I need as a homeowner?
You‘ll definitely want a 1098 form to show your mortgage interest expense and your real estate taxes. If you’re a new homebuyer, you’ll also want your settlement statement or HUD document so that they can keep track of your basis when you do sell.
What are the true tax benefits of being a homeowner?
They come in the form of increased itemized deductions. It includes the real estate taxes paid, mortgage interests paid, and any points or premiums you may have paid. If you itemize, you’ll see a decrease in taxes paid.
Can I deduct my home office?
A lot of people have dedicated spaces to run their businesses out of their homes. Certain people are allowed to claim that deduction, such as those who are self-employed. If you are, keep track of the square footage of the dedicated space that you have for your business, and you’ll also want to keep track of every other home-related expense. A portion of it can be deducted against your business income.
A special Thank You to Sam for joining me on these important topics. If you have any tax-related questions for him, give him a call at (215) 517-5600 and ask for Sam.
If you have any other real estate-related questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
