Your Florida Homeowner’s Guide to Year-End Tax Savings

For homeowners on Florida’s Gulf Coast, the end of the year isn’t just about putting on the holiday lights and stocking up for cooler evenings. It’s also a smart time to review your tax picture, make key decisions, and ensure you’re set to maximize savings when you file next spring. Whether you live in your home year-round, rent it part of the year, or are considering selling, these year-end tax strategies can make a meaningful difference.

1. Review Your Mortgage Interest & Points Paid

If you’ve recently refinanced or closed on a home this year, be sure to collect the Form 1098 from your lender showing the mortgage interest you paid. Many Florida homeowners overlook that upfront “points” paid to secure a lower interest rate can also be deductible, especially for new purchase loans. 

2. Confirm Property Tax Bills & Exemptions

In Florida, property tax assessment and payment rules have unique timing and exemptions you’ll want to check before year-end. For example, you’ll want to confirm you’re taking full advantage of programs such as the Homestead Exemption, and that your property has been assessed correctly as of January 1. 

If you make an early payment of property taxes (in some counties) you may even qualify for a discount. Checking your tax bill now helps avoid surprises and lets you assess whether you should prepay before the year ends. 

3. Evaluate Home-Improvement Tax Credits & Energy Efficiency Upgrades

Florida homeowners who completed eligible home-improvement projects, especially ones that boost energy efficiency should gather receipts now so they’re ready for filing. Examples include solar panels, efficient windows, or upgraded HVAC systems. These may qualify you for valuable tax credits or improved deduction eligibility.

4. If Renting Your Property: Review Business/Income-Use Considerations

If your Florida home doubles as a short-term rental or you rent it out while seasonal, year-end is a good time to review how you’ve used the property, track expenses, and consult your tax advisor about depreciation, passive income rules, and when to switch from personal use to rental use (or vice versa). Ensuring your records are accurate now will save headaches later.

5. Consider the Impact of a Home Sale or Move

If you sold your home (or plan to), remember: for primary residences you may qualify for the capital-gains exclusion (up to $250,000 for single filers, $500,000 for married filing jointly) if you meet ownership and use tests. Also, timing matters: ensure your closing date, tax year, and residency align for the exclusions to apply. 

6. Document Everything and Choose Itemizing vs Standard Deduction

Before year end, gather and organize all home-ownership related documents, mortgage interest statements, tax bills, receipts for improvements, rental income documentation. Then evaluate whether itemizing your deductions makes sense versus taking the standard deduction. Especially for homeowners with substantial interest, taxes or improvements, itemizing may produce greater benefit. 

7. Plan Ahead for Next Year’s Tax Strategy

Tax laws evolve, and Florida homeowners should stay alert. For example, keep an eye on changes to property tax legislation, homestead benefit portability, or changes in deduction rules that may affect how you plan improvements or rental use in the coming year.

Your Gulf Coast Advantage

By addressing these key areas now, you’ll put your Florida home on firmer footing for tax-season success. It’s not only about saving today, it's about protecting your investment, staying proactive, and making the most of homeownership in a state with unique rules and opportunities.

As the year winds down, smart financial planning helps every Florida homeowner stay ahead. From property exemptions to energy-efficient upgrades, a little preparation now can create big benefits later. At Hunt Brothers Realty, we believe homeownership on the Gulf Coast should be as rewarding financially as it is lifestyle-wise.

Contact Hunt Brothers Realty
46 N Washington Blvd, Ste #3
Sarasota, Florida 34236
📞 (941) 388-7017
📧 info@huntbrothersrealty.com