This material is provided for informational purposes only. It is not intended to provide tax, legal or accounting advice to your specific circumstances. Consult your own advisors for such specific application.
A series of comments addressing “big picture” issues of Taxes during the period of owning a home.
In 2017 the Tax Cuts and Jobs Act (TCJA) included several changes that made Home Ownership “ less
attractive” for tax purposes by increasing the standard deduction, eliminating personal exemptions,
making it less beneficial to itemize deductions and limiting deductions for state and local income taxes
as well as property taxes.
Well, hold on and look ahead to 2025/2026. AFTER 2025 Many of the major provisions of the TCJA will
“sunset” and revert to laws of 2017. Tax Advantages of owning a home should be better in that
“sunset”.
Speaking of taxes … it’s that season … what might you need or look for to prepare yours:
Form 1098 – from lending institution reporting mortgage interest paid and sometimes Real
Estate taxes if they are escrowed.
Evidence of Real Estate taxes paid, if NOT escrowed.
Settlement sheet for purchase or sale if occurred during 2022.
Settlement sheet for “original” purchase if sale occurred during 2022.
Thank you to Charles J Ozeck, CPA for providing content on this blog post!
Serving Clients in Southeastern Pennsylvania and Nationwide
601 W. Callowhill Street, Perkasie, PA 18944
Phone (215) 453-8319
Fax (215) 453-0764
E-mail [email protected]
