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Real Estate and Taxes

The tax center will help you minimize your real estate taxes and maximize your income, business and capital gains tax deductions and tax credits.

Real Estate and Taxes

Guess What? Taxes are Complicated!

I’m sure it comes as no surprise to have us remind you that taxes are complicated. Very Complicated! 

The problem is that if you get it wrong you can end up paying way too much to your local County Treasurer or the IRS.

You need to understand the tax law and plan well in advance of the day you sell your home or file your annual tax return. The smallest action or omission can have the biggest tax consequences.

The tax center will help you plan your tax strategy and minimize your real estate related income, business and capital gains taxes.

Tax Insights

Niwot Children’s Park

Sometimes it takes a village to raise a children’s park. That’s exactly what happened with the 2016 opening of the Niwot Children’s Park. Led by

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FAQ

Can I Reduce my property taxes?

Yes, there are ways to reduce or defer your property taxes. As a general rule your property taxes are set and collected by you local government and will vary from State, County and Town. Most areas have a process to appeal and contest a tax assessment and you’ll be surprised how many programs are available to defer when you must pay your taxes.

What's the Home Mortgage Interest deduction?

The IRS allows you to deduct the mortgage interest you pay your lender as long as you meet their list of qualifying rules. You can deduct the amount of qualified mortgage interest from your gross revenue thereby reducing your taxable income. 

Can I Eliminate Property Taxes?

Let’s not beat around the bush – the government wants its taxes. You can’t eliminate taxes but you can indirectly pass the cost onto someone else. As an example, instead of owning real estate you can invest in tax liens or become a private lender. You get the benefit of the security of the housing market without the real estate tax burden.

What About Capital Gains?

The IRS also allows you to exempt an amount of the profit (gain) you make when you sell your home. There are lots of qualifying rules but the tax consequences are huge.

Does Owning a Home Have Tax Benefits?

Yes, owning a home has a number of very significant tax benefits, especially when it comes to filing your annual tax return or selling your primary residence. 

Is Rental Income Taxable?

Yes, income you receive from renting a property is taxable and may be subject to different tax rates depending on how long you rent the property and whether you’re an active, passive or full time investor.

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