3 Things Homeowners Should Do Before the End of 2013

2014 is just around the corner, and there’s hardly anyone you’ll meet that isn’t excited to start a fresh New Year.  With all the holiday shopping and celebrating going on, it’s easy to get busy forget to do more for your house than just decorating.  Here are 3 things homeowners should do before 2013 ends:

1.) Give Back:  Wouldn’t it be wonderful to start the New Year with a clutter free home?  This is the time of year to go through your space and get rid of extra possessions and things you don’t need.  If you make donations to charity, you’ll be able to itemize charitable deductions on your taxes for 2013. Looking for extra money?  Shoppers may be looking for last minute, second hand gifts so hosting a yard sale could bring in some extra cash for the New Year. 

2.) Get Energy Efficient:  Making home energy efficient home improvements isn’t just good for your utility bills; it can also be good for your taxes.  The IRS tax credit for making changes to improve energy efficiency can help you qualify for a tax credit of 10% of the cost.   Changes to your HVAC system, windows, water heater, and more can end up saving you big in the end as well as possibly adding value to your home.

3.) Tie Up Loose Ends:  Got a foreclosure or short sale pending?  You may want to put the pressure on everyone involved to get the deal done by the end of the year.  Not only would you start the New Year off with one less burden, but congress is currently allowing forgiveness of mortgage debt.  If your foreclosure or short sale doesn’t close before year end, you might end up having to pay taxes on the debt forgiveness as income which could put added stress on you at tax time. 

If you need help getting things wrapped up on your home this year and the next, please give The Russo Team a call today.


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