Homeowner Tax Deductions

Tax time brings deductions for many homeowners…
Homeownership can provide numerous advantages, especially at tax time. The interest you pay on your first and second home mortgage is usually tax deductible creating a reduction in your overall taxable income.

The real estate taxes you pay are also typically deductible. If you escrow for taxes with your monthly mortgage payments, your year-end statement should identify how much you’ve paid. If you are having difficulty determining the amount, a quick search of your county’s website can often provide the answer.

Less commonly know is that points paid to secure a loan or reduce an interest rate and interest paid on home equity loans used for home improvement is also a candidate for deductibility.

April 15th is approaching fast! Good luck and make sure to consult with your tax advisor or accountant as to which deductions are applicable to your particular circumstance.

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Just Listed! Lake Calhoun Gem!

Wonderfully maintained home only blocks from Lake Calhoun and Linden Hills. New, large and RARE two car garage. Two fireplaces, sunroom, updated kitchen and more.

Price: $298,000

3909 Xerxes Avenue South, Minneapolis, MN 55410

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Price Improvement – 2Br at The Groveland

Top floor secured Penthouse level Groveland unit. Beautifully finished and well maintained with tall ceilings, gas fireplace, two walk in closets and more. A great, amenity filled building close to downtown.

Price: $298,000

317 Groveland Avenue #706, Minneapolis, MN 55403

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Newly Remodeled and now Reduced!

Price Reduction
Clean, fresh and newly remodeled 1.5 story home. Owner’s suite with private bath, updated kitchen with granite countertops and new cabinets, hardwood floors, new windows and more! All appliances are less than 1 year old. True turn key condition – easy to view…

Price: $174,800

3500 31st Avenue North, Robbinsdale, MN 55422

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River Station – 2 level condo

Fantastic multi-level, walkout unit. Well cared for home in great condition. Light, bright and tastefully decorated throughout. Private raised/gated patio. Extremely convenient location close to parks, the river, shopping, restaurants and more.

Price: $298,000

645 North 1st Street #133, Minneapolis, MN 55401

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For more information about these properties and to view other great homes, please visit David Abele’s Property Search.

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Social Knowledge?

Which jewel of a restaurant, located in the eclectic Minneapolis warehouse district, redefines “mom and pop eatery”?

You can find the answer within David Abele’s Living in the City pages.

To submit your answer for a chance to win a $50 gift certificate to this beloved Minneapolis restaurant, leave your guess as a comment to this post.

Winner will be chosen at random from correct submissions and announced, via Twitter, Monday afternoon, March 1st.