TO PLACE AN AD CALL CLASSIFIED • 541-385-5809
SATURDAY, MARCH 20, 2021 • THE BULLETIN
C1
R EAL ESTATE
Plenty of elbow room in this master bath
with personal vanity space for two. Natural
light, beautiful spacious tile shower and a
large walk-in closet with great organizational
shelving make this your dream suite. With a
May completion, you can be moved in and
settled just in time for summer. Built by award
winning (2020 awards for Best Master Suite and
Best Value) Palmer Homes in the sought after
community of Redtail Ridge in SW Redmond.
3496 SW 44th St., Redmond. CCB#185585
Jennifer Dorsey
Palmer Home Sales, Inc.
541-678-2927
jdorsey@palmerhomes.com
D R C M V
Furnishings Included | þ Bedrooms | Office | Theatre | Billiard Room
þÿÿÿÿ Arrowhead Drive | Offered at $þ,ÿÿÿ,ÿÿÿ
Located within the exclusive Deschutes River Ranch, featuring
Cascade Mountain views, nearly 2 miles of private Deschutes
River access, swimming holes, waterfalls, fi shing & acres of
open space. Truly special home combines a wonderful blend of
contemporary & mountain home architecture. Well-considered
fl oor plan encompasses inviting living areas, presenting superb
design & an abundance of charm at every turn. Accentuated by
fl oor to ceiling stone walls & exquisite wood accents that perfectly blend w/ the natural scenery. Floor
to ceiling windows in elegantly rustic great room frame the outstanding panoramas & fl ood interiors w/
sunlight. Well-equipped chef ’s kitchen fl ows seamlessly into adjoining dining area. Owner’s suite w/ cozy
fi replace, balcony, steam shower & coff ee bar. 3 guest rooms, offi ce, home theater & billiard room. 1760 sq.
ft ., 4-car garage. Wonderful outdoor living areas w/ outdoor kitchen, fi replace & hot-tub.
L ISA C OLE , Principal Broker
Mike Nelson
Palmer Home Sales, Inc.
541-588-0698
mnelson@palmerhomes.com
Berkshire Hathaway Home Services, NW
541.749.0047
lisacole@bhhsnw.com
Tax Deductions = Big Savings
Realtor.com recently sat down with
tax experts for an overview of the main
deductions summarized in this article.
Be sure to consult with you local tax
professionals and take advantage of these
deductions when you sit down to do your
taxes.
SELLING COSTS
If you’ve lived in your home for at least
two of the previous fi ve years before
the sale and the home is your principal
residence — not an investment property
— you can deduct any costs directly
associated with selling the home. These
include legal fees, escrow fees, advertising
and commissions.
IMPROVEMENTS AND REPAIRS
Rennovations, upgrades and repairs are
all deductible. Any improvements or repairs
you make in order to sell your home can
be deducted as selling costs long as they
are made within 90 days of closing, say tax
experts.
It’s tax time again, with all the dread or joy (depending
on your situation) that brings. But if you sold your home
recently or will sell it soon, there are big savings to be
had with tax deductions for buyers and sellers.
MORTGAGE INTEREST
Interest on your mortgage is also
deductible, at least for the period of the
you owned the home.
Under the 2018 Tax Cut and Jobs Act,
new buyers and sellers are permitted to
duct up to $750,000 of your mortgage
debt. And homeowners who purchased
their home prior to Dec. 15, 2017 can
continue deducting up to the original
amount up to $1 million. Rules on these
deductions are more complicated, so check
with your tax professional for details.
PROPERTY TAXES
Property tax deductions are capped at
$10,000, according to tax experts, but must
be fully paid up until the home is sold.
REAL ESTATE 101
Coronavirus Upgrades for Sellers
Attracting buyers to a previously owned home, even in a hot market, can be
tricky during the pandemic. Making improvements, such as deep cleaning
or painting, can improve your chances of a sale. For more ideas, visit
Realtor.com at bit.ly/3rnv0vp.
© ADOBE STOCK
Palmer Home
with Mtn Views
CAPITAL GAINS
Capital gains are profi ts from the sale
of the home, so they are technically an
exclusion not a deduction. After paying
your expenses and outstanding mortgage
debt, the cash left is taxed as income. But
you can exclude up to $250,000 of the
capital gains from the sale if you are single,
$500,000 if you are married. Again, you
need to have lived in the home for the past
two of fi ve years.
Once signifi cant bonus is that these gains
are based on what’s known as cost basis,
which is whatever amount you purchased
the home for plus any amount you spent
on improvements, for example. A $300,000
home with $50,000 in improvements could
be sold without paying any capital gains
taxes.
Remember, tax laws and rules change
fairly frequently as news administrations
do away with previous rules, so it’s always
a good idea to review all these possibilities
with your local tax consultant.
WINDERMERE CENTRAL OREGON REAL ESTATE
BEND
REDMOND
COMMERCIAL
MADRAS
SUNRIVER
807 SW Industrial Way
541-388-0404
821 SW 6th Street
538 SW Highland Ave.
541-923-HOME
538 SW Highland Ave.
541-410-3484
161 SE 5th Street
541-475-7001
7100 Beaver Drive
Bldg. 22 Suite 220
541-323-5888