It is very important to protect and keep the hard earned money you have saved and invested. Have you met with your financial advisor and your tax strategist, not just a CPA, in the past few months? Are you aware of possible things you can still do prior to tax filing for the year 2025 that can save you on the taxes you pay? If you have real estate rentals double check to make sure you are deducting all of the allowable expenses and have taken your allowable depreciation.
Have you checked your homestead exemption or over 65 exemption on your tax bill for your property taxes? If there has been a change in your marital status or if you have moved, sold a house or purchased a house you want to make sure your exemptions have followed you. You can verify your homestead, over 65 and any other exemptions you may be entitled to on your County Appraisal District website. If you are in Denton County check your address on DentonCAD.com.
Every five years, your appraisal district may send a notification for you to confirm you are still at that property address and therefore entitled to your exemptions. If you find you have not had your exemptions the past year or up to the past three years, go back to your local appraisal District and have them re-establish your exemptions to which you are entitled and issue a refund for your over payments.
To preserve your savings there are options for those expenses that come up. You may have equity in your home you are able to use for things you’ve always wanted to do such as travel, send a grandchild to college or make those home improvements so you can stay safely in your home much longer.
One option is a reverse mortgage.
It is just an FHA mortgage. You might downsize from your too-large, two-story house into a one-story home that better fits your needs. A reverse mortgage can be used to purchase the new home while preserving a chunk of the equity from the sale of your current home. Speak with a qualified Reverse Mortgage specialist to see if the numbers work for you.
Want more information on these topics? Join us at Senior Talk DFW or visit our website.
You go love on your loved ones, let us handle the details. Edwena Potter, Senior Talk DFW, Keller Williams Realty.
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