All the Homeowner Tax Breaks for 2022:
How to Maximize Your Tax Refund
Owning a home might be the American dream, but it can have drawbacks — such as major maintenance costs — as well as bonuses. On the plus side, being a homeowner gives you access to a number of tax breaks, which can add up to big money in your tax refund.
For homeowners, learning about your tax benefits now can help you review and adjust your tax situation for when you file your income tax returns in early 2023.
While most homeowners with mortgages know they can deduct payments toward their loan interest, many tax deductions and tax credits involved in owning a house are less obvious. Learn about all the possible tax breaks for homeowners to get the biggest refund possible on your 2022 taxes.
Tax Aspects of Home Ownership: Selling a Home
Key Takeaways
• If you owned and lived in the home for a total of two of the five years before the sale, then up to $250,000 of profit is tax-free (or up to $500,000 if you are married and file a joint return).
• If your profit exceeds the $250,000 or $500,000 limit, the excess is typically reported as a capital gain on Schedule D.
• If you acquire ownership of a home as part of a divorce settlement, you can count the time the place was owned by your former spouse as time you owned the home for purposes of passing the two-out-of-five-years ownership test but not the residency test.
• If either spouse dies and the surviving spouse has not remarried prior to the date the home is sold, the surviving spouse can count the period the deceased spouse owned and used the property toward the ownership-and-use test.
Can I Get a Tax Break for Buying a House?
Did you know that you can get a tax break for buying a house, as well as for many of the ongoing expenses of homeownership? You could stand to save thousands of dollars at tax time, but first you have to know which of your expenses qualify and whether you want to itemize your deductions or take the standard deduction.
What are tax breaks: deductions and credits explained
When it comes to tax breaks for buying a house, your CPA might explain the tax benefits of homeownership can come in one of two formats: either a tax deduction or a tax credit.
Tax deductions
Deductions are expenses that the IRS has agreed you can subtract from your taxable income so that when you pay your tax bill, you’ll pay less. The government wants to promote homeownership among Americans and offering tax deductions for some of the expenses related to owning a home is one way that it does so…
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Ralene Nelson, REALTOR®
FOR SALE – 710 Pinehurst Dr. Rio Vista
2bed/2bath/2,065sqft/5,345sqft lot
$454,000 – Solar owned & No Bonds!! Can’t get much better, this Hatteras model located in the Rio Vista Active Adult Community, Trilogy, offers drought-resistant landscaping & cozy backyard. Start the day with coffee on the patio & watch the sunset on the front porch. This home has 2 bedrooms, 2 baths with blinds throughout. The home has a living room/dining room combo and a family room/kitchen with tile floors in the kitchen/nook. Full patio with cover & is very private. The laundry room has a sink, washer/dryer convey with the sale, as well as refrigerators. Walking distance to Delta clubhouse, pro shop & Monarch Restaurant. Trilogy offers 2 swimming pools/spas, a cafe & restaurant, tennis courts, bocce ball courts, pickle ball, billiards & more. Just bring your furniture and enjoy your retirement life. READ MORE
NEW PRICE – 689 Waterwood Dr, Rio Vista
2 bed/2 bath/1,837sqft/5,436sqft lot
NEW PRICE $570,000 – Breathtaking views as you step into this beautiful home, located on the 11th green & pond. Popular Reflect model with quartz counters, white cabinets, 5 burner gas stove top & refrigerator are included. Tile floors with carpet in bedrooms. A double-sided gas fireplace makes for a cozy den & living room. The primary bath has double sinks with a walk-in shower with w/bench seating. Shutters throughout the home. Walk out either slider onto the covered patio that is the full length of the home. Small piece of turf for your pet, low maintenance landscape (front & back) & fenced. The backyard is lovely & a great place for a BBQ. Washer/dryer are included & there’s a laundry tub in the garage. Prepaid solar lease, transferrable to the buyer for the remaining years of the lease. Just bring your furniture and enjoy all the amenities, such as 2 swimming pools/spas, bocce ball courts, tennis & pickle ball courts, horseshoes, billiards, a library, a computer room, etc. So many activities to enjoy, you can be as busy as you want or idle. There is a club for just about all your hobbies. READ MORE
FOR SALE – 181 Cedar Ridge Dr. Rio Vista
2 bed/2 bath/1,433sqft
$540,000 – Look no further!! This Clipper model is like a new home, completely renovated, from new sheet rock to all new cabinets throughout, new baths, laminate flooring, quartz counters, appliances, and new interior & exterior paint. Located on the 11th fairway, bring some patio furniture & enjoy the scenery. This model provides a living room/dining room & a nook/great room. Trilogy provides so many amenities, including 2 swimming pools/spas, bocce courts, billiards, tennis courts, pickleball, gym & more. READ MORE
FOR SALE – 295 Sage Meadows Dr. Rio Vista
3bed/3.5bath/2,367sqft/6,669sqft lot
$559,000 – Calistoga model, with private courtyard, located on a corner lot. New interior paint (including garage) & tile/grout cleaned, gives this home a fresh look. Island kitchen with granite tile, black appliances, w/5 burner gas stove top & maple cabinets. Open floor plan makes this a great home for entertaining & the fireplace makes it cozy. Large master bedroom has bay window, upgraded tile in bath (walk in shower & tub). Den has been enclosed as well as another room, so this could be 4 bedrooms. One can be your den, other can be your craft/sewing room. 2nd bedroom has full bath, with courtyard entrance. Laundry room has sink, cabinets & folding space. Full patio & fencing secures this backyard for your family pet. Trilogy offers many amenities, from tennis, bocce, billards, pickle ball, golf, 2 pools & spas and even playground for grandchildren. Just bring your furniture & make new friends.READ MOREFOR SALE – 718 Allender Wy. Rio Vista
3 bd/2 bth/1346sf
$514,999 – Gorgeous home, shows pride of ownership, and has been renovated since purchased. 3 bedrooms & 2 baths with all new flooring/baseboards, interior paint, light fixtures, etc. The kitchen has newly painted cabinets with quartz countertops with an island. Auxillary electric heaters in 3rd bedroom & living room. Whole house water filter with under-the-sink reverse osmosis. The front yard has been totally relandscaped with a new walkway to the front door, with drought-resistant landscaping, a drip system & timer. The driveway extended as well as the sidewalk to the backyard. The backyard has a sprinkler system as well as a patio. Just bring your furniture and enjoy!! Rio Vista is a quaint town located on the Sacramento River, close to SF, Sacramento & bay area. READ MOREPENDING SALE – 1536 Michigan St. Fairfield
3 bed/2 bath/1,260sqft/4,792sqft lot
NEW PRICE – 623 California St, Rio Vista
2 bed/1 bath/934sqft/4,792sqft lot
Price Reduced to $395,500 – Adorable cottage/bungalow, 2 bedroom, 1 bath and has been updated. Larger backyard with patio & raised garden beds for your vegetables. The kitchen has been remodeled & there is an inside laundry & single car garage. Convenient location, walk to town for breakfast, snack, and/or dinner. READ MORE
Events in Northern California this Weekend
DISNEY’S FROZEN
January 4 – 15, 2023
SAFE Credit Union PAC, 1301 L St, Sacramento
From the producer of THE LION KING and ALADDIN, FROZEN, the Tony®-nominated Best Musical, is now on tour across North America, and the critics rave, “It’s simply magical!” (LA Daily News). FROZEN features the songs you love from the original Oscar®-winning film, plus an expanded score with a dozen new numbers.
An unforgettable theatrical experience filled with sensational special effects, stunning sets and costumes, and powerhouse performances, FROZEN is everything you want in a musical: It’s moving. It’s spectacular. And above all, it’s pure Broadway joy.
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Sacbride Wedding Show
Sun, Jan 8, 12 – 4 PM
Town & Country Event Center, 2935 Fulton Ave, Sacramento, CA
About this event
We are thrilled to announce that the SacBride Wedding Show is happening in 2023! We can’t wait to see all you newly engaged couples at the first show in 2023! Come on out an meet and greet amazing wedding vendors. Get your free tote and latest copy of Sacramento Bride & Groom magazine.
The beautiful Town & Country Event Center will be hosting our event. The venue features a grand foyer, 3 large ballrooms and plenty of free parking. They will be giving away a wedding package valued at $5,000!
Reserve your FREE tickets now. Entry $10 day of event.
The Link Up: Sneaker and Vintage Clothing Expo
Sat, January 7, 2023, 10:00 AM – 4:00 PM PST
Alameda County Fairgrounds (Bldg. A) 4501 Pleasanton Ave. Pleasanton
It’s time to start off 2023 the right way!
We’re shutting it down again with over 130+ vendors in attendance bringing out the best in vintage, sneakers, streetwear, crafts, and more!
Tell your friends and family the place to be on January 7th is at the Link Up!
The Link Up
Sneaker and Vintage Clothing Expo READ MORE
A Year with Frog and Toad
Sun, January 8, 2023, 10:00 AM – 11:30 AM PST
The Cowell Theater at Pier 2 (walk to end of Pier on right side)
2 Marina Boulevard San Francisco, CA 94123
Families will delight in this heartwarming, jazzy-rhythmed tale of friendship, as cheerful Frog and his more reserved pal Toad swim, sled, bake cookies, and otherwise romp through a year of comic adventures, accompanied by their woodland animal friends, like Snail, who, by golly, will deliver the mail.
Performance runs 65 minutes + Intermission 10 minutes
Recommended for all ages
If you have a BACT Family Membership please visit https://bactheatre.org/frog-and-toad to book your membership tickets. READ MORE