TAX TIME and RENTAL DEDUCTIONS

Did you rent out your primary or 2nd home in 2021? If so some of you may be wondering just IF and WHAT your deductions may add up too. First YOU should discuss this information with your tax advisor as I am only SHARING information directly from the IRS. This information discusses “Topic # 415 Renting Residential and Vacation Property”  There are multiple links to help you file in April.

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PA Property Tax and Rental Rebate Program

Fron Senator Stefanos weekly newsletter, “Older and disabled Pennsylvanians can apply now for rebates on property taxes or rent paid in 2021.

The Property Tax/Rent Rebate Program benefits eligible Pennsylvanians age 65 and older, widows and widowers age 50 and older, and people with disabilities age 18 and older. The income limit is $35,000 a year for homeowners and $15,000 annually for renters, and half of Social Security income is excluded.

After checking eligibility requirements, you can file your rebate application online by visiting mypath.pa.gov. Submitting your application online does not require you to sign up for an account. You can check the Property Tax/Rent Rebate Program instruction booklet to learn which information you will need to complete the process.”

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REAL ESTATE TAXES

If you are considering buying property at Hidden Valley or Seven Springs there are multpile factors that should be evaluated BEFORE signing that offer! A big one is real estate taxes. Here we have County, Township. and School property taxes. The County (will have the same millage for both resorts) and Township (HV is Jefferson Twp, 7S is Middlecreek) are based on the calender year. School Taxes (HV Somerset 7S Rockwood) are fiscal running from July 1 through June 30th and those bills are just NOW being sent out.

HV millage for the 2021 year school tax has gone up to 43.24 mills. 7S millage is 21.89 mills. That’s a big difference.

IF the assessed value (the number used to find the tax) were the same say $50,000 th HV tax would be $2,162.00 and the 7S tax would be $1,094.50 

Here’s a link to the 2021 Millages for Somerset County

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Tax Deductions for Home Owners

Visit houselogic.com for more articles like this.

Copyright 2019 NATIONAL ASSOCIATION OF REALTORS®

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All information deemed reliable but not guaranteed. Copyright 2022.



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