Crack the champagne and make the first toast to your new house, it’s all yours!
Prior to improvements, call your C.P.A. (Certified Public Account) A.S.A.P. They will direct you to the following important financial decisions to make regarding your new home:
- What is an improvement that you can write off now (such as windows or solar panels) and what is for the future when you sell, applied to capital gains
- How to organize a system to save all receipts
- Estate planning i.e. Will and Trust
- Property tax write-off including how much you pay annually, bi-annually, or monthly. Hint: monthly payments will require an impound account
- Pro rations in taxes
- How much will be owed in your supplemental tax bill
A lot of the above was addressed in your escrow, but you may still wish to get some clarity. If you closed later on in the year, you may not see the immediate rewards in your tax returns, but just wait until your full year to follow. It is really fun to own, especially once you actually see something in return.
This is some of the information that I bring to light in a buyers consultation with my clients. When seeking a lender, I also advise to enlist the help of a CPA. Only a CPA can give you advice on how to take Title, and handle tax issues in order to plan for now and the future.
Feel free to email me with any further questions at paulmonte@firstteam.com.
