Tax Tips for New Homeowners

new-homeowners-property-tax

Tax time is not my favorite time of year, but it sure feels good when it’s over! I’ve recently been asked a few questions and wanted to share a few of those with you. So here we go:

Q: “How do we file the house deductions if we are not married and are filing separately?”
A: I’m not an accountant, but I asked mine about this and he said that you can split the total interest and taxes down the middle and each claim half. You don’t have to do this; you can have one individual take all of the deductions if you feel it would be more advantageous (for instance, if one partner is self-employed and needs all the deductions they can get).

Q: “Who is supposed to pay the tax bill I just got in the mail?”
A: If you have a loan, the mortgage company will pay this for you unless you specifically requested a non-escrowed mortgage. Most people have mortgages where the company pays both the property tax bill and the insurance bill. You will continue to get notices (not bills) from the county; if you’re really concerned about it, call your mortgage company and speak with the escrow department about when the bill will be paid. Usually, half is paid in February and the remainder¬†in June.

Q: “Do I need to do anything with this request to get a copy of my deed? It says it costs $89.”
A: Do not pay this! You automatically get a free original copy approximately 6 weeks after you close. You also have a copy of it if you need it for any reason (school registration, mail box keys, etc.) in your closing documents.

As always, if you have questions please contact me. I am never too busy to talk!

 

Coming March 18: A Special Investing Class for Women

Lastly, I will be hosting an event on Saturday, March 18th from 12:00 p.m. – 1:30 p.m. Kelli Olsheski, a past client of mine, will be teaching an investment class for women. Women face unique challenges when it comes to traditional investing and we live typically much longer than men so this class will address how to protect your assets and make them grow with a long term view. I’ll be sending out more info on that later.

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