We may have been a little distracted by the gorgeous autumn season at Smith Mountain Lake lately, but not too preoccupied to look ahead to some winter preparations that can help responsible homeowners get ahead. Taking care of a Smith Mountain Lake property requires more than sprucing up the areas you can see — the financial part of owning a home is also vital. Staying on top of money matters will make sure you’re getting the most out of your investment and prevent you from sweating the tax deadlines come spring. Deb Beran Properties can help you keep track of property ownership demands and reap the benefits of being a responsible homeowner with a little help from this article on Realtor.com.
It’s Time to Start Thinking Taxes
First-time homebuyers have a particularly important responsibility to incorporate their investment in taxes this next year, and getting it all straight may require an early visit to the CPA. Hopefully, your real estate agent or loan officer told you to keep your mortgage documents handy for the next year’s tax time, but if not, this is a great time to make it all accessible.
Responsible homeowners may be looking forward to certain tax perks that come with their type of loan, but they may be unaware of deadlines attached. This is a good time to call your tax professional to learn what you should do, and when you should do it by, to decrease your 2016 taxes.
It’s not uncommon to find Smith Mountain Lake homeowners using their property as a corporate office. Many residences around the lake also serve as businesses, making tax time a little tricky. Claiming business deductions may take more time than you expected, so this is a great time to start checking off the list.
Because Smith Mountain Lake is a popular tourist destination, it’s also common for responsible homeowners to rent out part or all of their properties during certain times of the year. Renting your home for more than 14 days per year means a tax on the profits. If you’ve rented your home for longer than the allotted time, expect to owe rental income next spring.
Bottom line: don’t wait until the new year to start getting your taxes in order, it may cause responsible homeowners to miss out on important claims and perks.