Monday February 29, 2016
It’s tax season! Here are some quick tips to maximize the many tax deductions that come along with homeownership:
1. Mortgage Interest: Probably one of the biggest and most common deductions would be claiming mortgage interest. Mortgage interest counts when interest has been paid on a loan secured by your main home or a second home. Those loans can include: a home equity loan, a line of credit, a second mortgage, or a mortgage to buy your home. For more information on mortgage interest, click here.
2. Selling Your Home: Tax breaks can also arise when you sell your home. Costs associated with real estate broker fees, title insurance, and advertising can be claimed. For more information on tax deductions after selling your home, click here.
3. Casualty Losses: When weather disaster strikes, know that you can claim significant losses. The key is documentation; keep pictures of valuable property both for taxes as well as insurance claims. For more information, check out this link.
4. Energy-Efficiency Tax Credit: You can also receive tax credit for your efforts to make your home more energy-efficient. As incentive, if you file equipment such as insulation, air-conditioning and heating systems, or storm doors, they can all be accounted for through a tax credit from the IRS. Check out this link for more information on energy-efficiency tax credit.
Keep in mind that many tax breaks are out there for homebuyers, and often homeowners will file their taxes and miss out on those opportunities! We hope you enjoyed these quick tax tips for homeowners, and if you have more tips feel free to share them with us on our Facebook page!