Pall Spera Company Realtors-Stowe, VT
Teresa Merelman, Broker, Pall Spera Company Realtors-Stowe, VTPhone: (802) 793-5171
Email: [email protected]
Email: [email protected]
Buying a house is one of the largest purchases made within a lifetime. Along with the responsibility of owning a home comes some great perks, namely tax breaks and deductions. Knowing what these benefits are and getting a better understanding of them can help you take advantage of these perks during your homeowner journey.
While earning points is great on the basketball court, it can be financially draining to a mortgage. Mortgage points are what buyers pay to lenders to secure a loan, usually given as percentage points of the total loan amount.
If you decide to pay these points during the closing of your home, then they are deductible. Taxpayers who itemize deductions on their IRS Form 1040 can usually deduct all the points they paid within the year, except for some high-income taxpayers whose itemized deductions are limited.
If you made a down payment of less than 20% on your home, odds are you may have to pay for private mortgage insurance until you pay off at least 20% of the loan balance.
The positive side is that homebuyers who bought their home in the year 2007 and after can deduct their PMI premiums. However, it’s best to make sure these deductibles are valid each year before filing your taxes.
Mortgage interest accounts for the largest tax deduction for most homeowners. When you receive the form 1098 from your lender, you can deduct the total amount of interest you’ve paid during the year.
Another deductible to not overlook is local property taxes. Consider saving the records for any property taxes you pay so that you can deduct them during tax season.
Some states offer generous tax credits for homeowners who make home improvements to save energy. There are a number of improvements you might qualify for, including things like insulation and energy-efficient roofs as well as photovoltaic (PV) solar panels.
By keeping track of your mortgage payments and checking out your local credits, you can work with a tax expert to make the most out of your deductions during tax season.
Teresa's beginnings were at Fort Belvoir, Virginia. She was child #5 of 8 and born into an Air Force family that moved all over the United States but usually ended up back in the Washington, D.C. area. Teresa attended Miami University in Oxford, Ohio and received her bachelor's degree in business from George Mason University, in Fairfax, Virginia. Some of her prior careers include: computer buyer in Fairfax, Virginia; Deputy Clerk at the U.S. District Court in Denver, Colorado; Police Officer in Steamboat Springs, Colorado; and Bed & Breakfast owner in Stowe, Vermont. Teresa obtained her license as a Realtor® in 1998. She has been through many ups and downs in this profession and continues to learn every day. She very much enjoys the real estate profession and the wonderful people she has met and assisted along the way. In order to serve her clients and customers, Teresa continually attends classes and seminars. Some of her Designations and Certifications include:
Teresa has also served and continues to serve on several boards:
In 2007, Teresa was named Vermont Realtor of the Year.Teresa and her husband, a local attorney, moved to Stowe in 1987. They had two sons and Stowe has been their home for the past 36 years. She still feels the Stowe area is a wonderful place to raise a family, there's always something going on. Teresa can often be found behind the lens of her camera documenting the beauty of the area and its many events.As an update, Teresa's older son is now a Doctor/resident at the University of New Mexico's Emergency Management Program. Her younger son graduated from James Mason University and currently resides in Chicago, IL as a supervisor for OKTA.
