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5 Tax Deductions to Save Money When Selling Your Home
Dated: October 25 2024
Views: 153
Five tax points for home sellers, including selling costs, improvements, mortgage interest, property tax and exclusions.
Selling your home doesn’t have to be overwhelming or expensive. Did you know there are tax deductions available that can save you money? As your Realtor, I’m here to help you navigate the selling process and make sure you’re aware of all the ways you can potentially reduce your tax burden. Here are five tax deductions to consider when selling your home.
1. Selling Costs
Many costs of selling your home, such as real estate commissions, advertising, and legal fees, are not deducted on their own. Instead, they are subtracted from your sale price when you figure your gain, which can lower the taxable part of that gain.
2. Home Improvements and Repairs
Improvements that add value, such as a new roof, an addition, or new landscaping, are not deducted, but their cost is added to your home’s basis, which can lower your taxable gain. Routine repairs and upkeep, like repainting, usually do not count unless they are part of a larger remodel. Keep records of every improvement.
3. Mortgage Interest
If you itemize deductions, the mortgage interest you paid on your loan may still be tax-deductible. This deduction can be applied to the year in which you sell the property, reducing your taxable income.
4. Property Taxes
If you itemize, you may be able to deduct your share of property taxes up to the date of sale, subject to IRS limits. Be sure to keep all your property tax records, as this deduction can help you save on your tax bill when you sell your home.
5. Capital Gains Tax
If you’ve owned and lived in your home for at least two of the past five years, you may be able to exclude up to $250,000 of your gain ($500,000 for most married couples filing jointly) from tax. Ask a tax professional how the rules apply to you. This exclusion can be a huge benefit and significantly reduce the taxes you owe.
Let’s Get Started!
Navigating tax deductions can be tricky, but you don’t have to do it alone. I’m here to guide you through the home-selling process, helping you save money and make the most of your sale. If you’re ready to sell and want to learn more about potential tax savings, reach out today at 912-420-1663, or visit SoutheastGaRealEstate.com to get started.
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Taxes don’t have to be scary when you’re selling your home. Let me help you sell your house and save money at the same time!
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Julie Mock, REALTOR®, GA license #430345 · Weichert, Realtors® – Webb & Associates, 95 Bel-Air Dr., Statesboro, GA 30461 · Call or text 912-420-1663 · Brokerage office 912-764-9722 · Each Weichert® franchised office is independently owned and operated. Equal Housing Opportunity.
Julie Mock
Home / About Julie MockAbout Julie Mock | Southeast Georgia real estateAbout Julie Mock, REALTOR®Thinking about buying or selling in Southeast Georgia? Start with someone who grew up here, an....
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Data last updated: October 23, 2026 5:54 PM UTC
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©2026 Georgia Multiple Listing Service All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may
