Tax season is right around the corner. For those of you who purchased or sold a home last year, here are a few housing-related items to keep in mind.

Home interest deductions. 

• Mortgages that closed before Dec. 16, 2017: A married couple filing jointly and single filers can deduct mortgage interest on a combined debt limit of $1 million.  
• Mortgages that closed after Dec. 16, 2017: For both primary residences and second home loans, mortgage interest can be deducted on a combined debt limit of $750,000.  

Property tax deductions.  

You may be able to deduct up to $10,000 on a combination of state and local property, income and sales taxes.This applies to property taxes on your primary residence, a vacation home and undeveloped land.  

Mortgage insurance premiums.

Depending on your income, you might qualify for a deduction if you paid for private mortgage insurance (PMI).

Capital gains tax exclusions.  

Married-joint filers can exclude up to $500,000 and single filers can exclude up to $250,000 when selling their primary home, provided they’ve lived there two of the past five years. 

Those are just a few of the housing-related tax laws. Please consult your tax advisor for more information on how these and other tax deductions may apply to you. 

If you have any real estate-related questions, contact your local Long & Foster Real Estate agent. Find an associate or office near you here.