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Dear Mr. Feichthaler:
With the end of the year coming up, is there anything I can do to save money on my income taxes, relating to my home? I don't want the government to get any more than they need to!
-- Cal
Dear Cal:
We have covered in prior columns the discounts received on property taxes for early payment. If postmarked in December, there is a 3% discount on the amount owed. The discount reduces to 2% in January. Also, you may want to check with your tax advisor if these payments are tax deductible. If you itemize, the tax payments are most likely de-ductible, up to $10,000.
Any capital im-provements you put in (like a pool or addition to the home) would not be deductible for income taxes, unfortunately. Of course, if you have interest on your home loan, those amounts are likely deductible as well.
From my family to yours, I wish you and all of our readers a very Happy, Healthy, and Blessed New Year!
Eric P. Feichthaler has lived in Cape Coral for over 33 years and graduated from Mariner High School in Cape Coral. After completing law school at Georgetown University in Washington, D.C., he returned to Southwest Florida to practice law and raise a family. He served as mayor of Cape Coral from 2005-2008, and continues his service to the community through the Cape Coral Caring Center, Cape Coral Historical Museum, and Cape Coral Kiwanis. He has been married to his wife, Mary, for over 20 years, and they have four children together. He earned his board certification in Real Estate Law from the Florida Bar. He is AV Preeminent rated by Martindale-Hubbell for professional ethics and legal ability, and is a Supreme Court Certified Circuit Civil Mediator. He can be reached at eric@capecoralattorney.com, or (239) 542-4733.
This article is general in nature and not intended as legal advice to anyone. Individuals should seek legal counsel before acting on any matter of legal rights and obligations.