Taxes can get confusing but it’s worth studying. If you’re a Georgia senior, there are a number of tax exemptions and benefits you may qualify for — benefits that will ease your tax burden.
GeorgiaLegalAid.org does a great job of explaining the different exemptions and benefits which include:
Uncle Sam has a few tax tricks up his sleeve to help you buy a home, save on home-related costs and sell your home tax-free. Some of them are complicated, limited or come with hoops you have to jump through, but they can be well worth the trouble if you qualify. And if your budget is already stretched thin, you need all the help you can get. So, without further ado, here are 13 tax breaks that can help you buy a home and prosper as a homeowner.
Using retirement funds for down payment
Mortgage points deduction
Mortgage interest deduction
Mortgage interest credit
Home office expense deduction
Credits for energy saving improvements
Credit for electric vehicle charging equipment
Deduction for medically necessary home improvements
Baby-boomers and seniors want to retire and move to a tax-friendly state. So, how tax-friendly is Georgia? An Atlanta Journal Constitution article looked at that and found that it ranks pretty well for the following reasons:
There is no tax on Social Security retirement benefits.
Anyone 65 and older is offered a maximum deduction of $65,000 per person on all types of retirement income.
Sales taxes and property taxes are relatively moderate. The 4% sales tax puts Georgia in the bottom 20 of the country. Georgians pay below-average for property taxes. It’s around $870 per year in property taxes per $100,000 in home value.
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