Good Afternoon All,
I hope everyone is having a great week! We’re right around the corner from tax season. For most people this is a very dreaded time of the year. So much information and knowledge goes into taxes and for some people it can be a little overwhelming.
Have you given any consideration as to what you’re going to do with your tax return? Maybe you could use your tax return to purchase a home or use it to improve your current home! Today, we’re going talk about Tax Deductions for homeowners and some benefits you may not know of.
What are some homeowner tax deductions?
There are several different tax related expenses and deductions for homeowners. Home Office Expenses, Energy Efficient Appliances and Windows, etc.
What are some tax deductions when purchasing a home?
When you’re purchasing a home there are many different expenses that you can claim as a deduction. For an example, mortgage interest, mortgage points, real estate taxes, moving expenses, etc.
What are some home owner related expenses that CANNOT be claimed as a deduction?
Unfortunately here is a list of expenses that cannot be claimed as a tax deduction. Mortgage insurance, homeowners insurance including flood or fire), direct principal payments, remodeling, etc.
As always I encourage you to consult with a local tax expert or accountant for all tax related questions. I hope everyone has a great rest of your day and weekend!
“This blog post is only for general information and Rountree Realty advises readers to contact their local tax expert for all tax questions and filing purposes.”