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How to Lower Your Tax Bill Episode 7
How Your Home Can Lower Your Tax Bill
In this episode of How to Lower Your Tax Bill, host Terrence Hutchins explains how your primary residence can help you save on taxes and even increase your income. As a financial and tax advisor in the Dallas-Fort Worth area, Terrence breaks down practical strategies to make your homework for you.
What You’ll Learn:
- Itemized Deductions: How property taxes, mortgage interest, and prepaid points can maximize your tax savings.
- House Hacking: Renting out part of your home to generate income and create tax advantages through depreciation.
- Capital Gains Exclusions: Sell your home tax-free by meeting the IRS’s 2-out-of-5-year rule, and strategies to reduce taxable gains further.
- Rental Conversions: Special considerations for depreciation recapture and options like the 1031 exchange.
Featured Tax Story: A couple's missteps in claiming land as a business expense and the lessons learned about proper tax classifications.
For more actionable tax tips, subscribe to How to Lower Your Tax Bill on Spotify or Apple Podcasts. Remember: it’s not just about lowering your taxes—it’s about keeping more of what you earn!
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By Terrance HutchinsHow Your Home Can Lower Your Tax Bill
In this episode of How to Lower Your Tax Bill, host Terrence Hutchins explains how your primary residence can help you save on taxes and even increase your income. As a financial and tax advisor in the Dallas-Fort Worth area, Terrence breaks down practical strategies to make your homework for you.
What You’ll Learn:
- Itemized Deductions: How property taxes, mortgage interest, and prepaid points can maximize your tax savings.
- House Hacking: Renting out part of your home to generate income and create tax advantages through depreciation.
- Capital Gains Exclusions: Sell your home tax-free by meeting the IRS’s 2-out-of-5-year rule, and strategies to reduce taxable gains further.
- Rental Conversions: Special considerations for depreciation recapture and options like the 1031 exchange.
Featured Tax Story: A couple's missteps in claiming land as a business expense and the lessons learned about proper tax classifications.
For more actionable tax tips, subscribe to How to Lower Your Tax Bill on Spotify or Apple Podcasts. Remember: it’s not just about lowering your taxes—it’s about keeping more of what you earn!