if you paid more than $600. (3) Local real estate taxes. Surprising how many people don't take this deduction which can be pretty substantial (4) You don't have to pay taxes on the first $250K of any profit on real estate you sold. And if you improved that property, for example you spent $30K on a bathroom you can add that to the $250. In that instance you could skip taxes on $280K. (5) Casulty losses. If your loss is 10% or more than your gross income then it qualifies. (6) Another thing that frequently gets lost in the shuffle is cost of selling property. Like real estate commissions, legal fees and costs and closing costs you paid. and (7) Moving expenses if you moved 50 miles or more to a new place to take a job. You can take all kinds of costs including moving your pets. (8) Also you can be eligible for a tax credit if you added storm doors special energy saving windows or certain heating hardware like a energy saving heating stove and such
Potential tax savers for homeowners (1) PMI deduction (2) Mortgage interest
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