Homeowners do have access to valuable tax deductions and strategies but most people only know about one or two of them. In this episode, Michael Custer CFP®, EA explores some of the most common tax planning tools available on your primary home.

𝐖𝐡𝐚𝐭 𝐘𝐨𝐮'𝐥𝐥 𝐋𝐞𝐚𝐫𝐧!

💭 The mortgage interest deduction: Who qualifies, the limits, and why many people don't use it.

💭 Property tax deductions, including the recent increase to the amounts allowed.

💭 The home sale capital gains exclusion

💭 How home improvements could increase your cost basis and may reduce your taxable gain when you sell

💭 The home office deduction for self-employed business owners — what "exclusive use" means

💭 The Augusta Rule: How renting your home for up to 14 days a year may be completely tax-free

Whether you're wondering if you can deduct mortgage interest, thinking about selling your home, or just looking for ways to pay less in taxes, this episode could help you find strategies worth exploring.

𝐖𝐡𝐲 𝐰𝐞'𝐫𝐞 𝐡𝐞𝐫𝐞?

We’re here to make retirement planning feel less intimidating by helping people think through their strategies and plans through clear relatable financial topics!

💬 Questions or Want to Connect?

🌐 𝐖𝐞𝐛𝐬𝐢𝐭𝐞: www.custerfinancialadvisors.com

📧 𝐄𝐦𝐚𝐢𝐥: custerfinancialadvisors@lpl.com

Chapters:

00:00 Home Tax Strategies

01:31 Wife's Resident Match Day!

02:56 Deduction for Mortgage Interest Paid?

04:47 Property Tax Deductions?

05:39 Tax Gain Exclusion on My Home?

07:13 Converting Home to a Rental?

08:10 Improvements vs. Repairs

10:29 Home Office Deductions

12:35 Tax Free Rental of Home?

14:08 Be Careful of the Internet Advice Sometimes

Disclosures:

Harborfront Financial Group is a Registered Investment Advisor registered with the Securities and Exchange Commission (SEC). Registration as an investment adviser does not imply a certain level of skill or training, and the content of this communication has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority.

The information contained in this material is intended to provide general information about Harborfront Financial Group and its services. It is not intended to offer investment advice. Investment advice will only be given after a client engages our services by executing the appropriate investment services agreement. Information regarding investment products and services are provided solely to read about our investment philosophy and our strategies. You should not rely on any information provided on our web site in making investment decisions.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Harborfront Financial Group, a Registered Investment Advisor. Harborfront Financial Group and Custer Financial Advisors are separate entities from LPL Financial.

This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing. All investing involves risk including loss of principal. No strategy assures success or protects against loss.