9 must-know homeowners tax breaks for 2022
(including a COVID rebate)
Your tax return might be a high point in your year, especially if you recently became a homeowner. Last year’s average refund was 11-percent higher than the previous year, totaling $2,775.* This number could increase if you own a home and have dependents or children.
Your homeowner’s tax guide for 2022: 6 big breaks + 3 more benefits
This year, the tax deadlines, at least, have returned to normal. The IRS started accepting 2021 tax returns on January 31, 2022, with the traditional filing deadline of April 15. Tax season may be more complicated for some, depending on how you were affected by the pandemic.
ACCOUNTING FOR ANNUAL INFLATION, TAX BRACKETS, AS WELL AS THE STANDARD DEDUCTION, ROSE FOR 2021 TAXES FILED IN 2022:
As you’ve probably experienced, the recently reformed tax law lets consumers keep more money. Lower tax rates and a higher standard deduction make this possible. (Looking ahead, here’s where you can find the new standard deduction/brackets for the taxable year of 2022.)
With a higher standard deduction, there may be fewer taxpayers who itemize (list out expenses that can be subtracted from annual taxes). If you don’t have much to itemize, taking the standard deduction exempts two times as much of your earnings.
IF YOU OWN A HOME, ITEMIZING SOME OR ALL OF THESE TAX BREAKS COULD POTENTIALLY BRING MORE SAVINGS:
1. Home equity loan/HELOC interest.
2. Mortgage insurance.
3. Mortgage interest.
4. Mortgage points.
5. Some home improvements.
6. State/local taxes.
7. Child tax credit.
8. Recovery rebate credit
9. Retirement contributions.
Ralene Nelson, REALTOR®
JUST SOLD – 1085 Vintage Dr Rio Vista
Spinnaker model, located in Trilogy, on the 2nd fairway, with views of the pond. This is an Active Adult Community. Coveted location, currently only golf course home for sale. Two bedrooms, 2 bath with den, and kitchen overlooking the golf course. Professionally landscaped with the fence, small grassy area for your pet. Patio with cover & privacy screen & walkway around home. The sunsets are spectacular from this backyard. Carpet throughout with vinyl in kitchen & bath. Oak cabinets & white tile counters. Two-car garage with built-in storage cabinets, new hot water heater. READ MORE
REAL ESTATE NEWS
10 Major Advantages To Owning A Home
There are many great advantages of owning a home, but, frankly, some go unappreciated or underreported. For that reason, let’s take a fresh look at 10 of these advantages, including those that may not be on your radar:
1. Tax benefits
2. Price appreciation
3. Inflation hedge
4. Credit builder
5. Equity builder
6. Borrowing power
7. Move-up power
8. Owning a home can act as a personal finance management tool.
9. Easy savings plan
10. Capital gains
10 Expenses of Home Ownership You Need to Know
Are you thinking about taking the plunge into homeownership for the first time? Becoming a homeowner can be an excellent decision for many Americans. Not only does owning a home have several advantages over renting, but it can also be a great way to build wealth over time.
In many housing markets around the U.S., real estate agents tell prospective buyers that owning a home is cheaper than renting a comparable property. And, that’s often true, in terms of your mortgage payment versus the amount you would otherwise pay for rent. However, the mortgage payment is just one of the expenses that you need to know, and there can be other hidden costs. With that in mind, here are 10 potential one-time and ongoing costs of owning a home that you need to be prepared for before you start shopping.
Events in Northern California this Week-End
STARRING BRADD MARQUIS
This fantastic new show depicts the life and music of one of America’s most iconic and talented performers, the legendary Sam Cooke. It’s a rip roaring soulful performance brought to you alongside a live big band. Sam Cooke bridged the gap between black and white audiences and crossed generations, and his distinctive vocal abilities helped pioneer soul music by melding elements of R&B, Gospel and Pop into a sound that was new and still coalescing at the time. His sound led to the rise of Aretha Franklin, Al Green, Curtis Mayfield, Stevie Wonder and Marvin Gaye, among others, and his hits included “You Send Me,’ “Only Sixteen,” “Cupid,” “Chain Gang,” “Twistin’ the Night Away,” “A Change is Gonna Come,” and “Wonderful World.” READ MORE ~ BUY TICKETS
Chris Botti, Trumpet Superstar
SF Jazz ~ Sat, Jan 8, 9:30 PM – Sun, Jan 9, 12:00 AM
The “Early” Elvis Tribute Show – Pleasanton’s Firehouse
Saturday Jan 8, 2 PM ~ Sunday, January 09, 2:00 pm
Firehouse Arts Center, 4444 Railroad Ave, Pleasanton, CA
Arts Center kicks off a new year with the welcome return of Jim Anderson & The Rebels and their homage to Elvis Presley. Visit firehousearts.org/events.
Live Music with Mike Mendoza
Venues in Los Gatos and Milpitas
Friday & Saturday
Happy New Year! I’ll be performing two shows this weekend. The first will be at the new Pizza Chicago di Italia restaurant in downtown Los Gatos. This will be an indoor performance. Then I’ll be back at Big Dog Vineyards this Saturday afternoon. Looking forward to performing for you this weekend! READ MORE