Great Homeowner Tax Benefits
First-time homeowners, or those who are considering buying a home for the first time, will always ooh and aah over the emotional side of owning a home, but there is a very practical economical reason to do so as well, namely the homeowner tax benefits. Not only is your home appreciating during most years, but you are also saving money on taxes each year by owning that home. Let’s take a look at the standard tax benefits that should not be overlooked.
- Mortgage interest deduction: under this category we include mortgage interest, points you paid to obtain a lower interest rate and private mortgage insurance payments.
- Closing costs: some but not all fees paid to the mortgage lender are deductible. Some moving expenses are also deductible, such as your home office. Check with a professional to find out what is and is not deductible under this category.
- Home office deductions: if your home is your primary place of business, you most likely will be in line for deductions of the workplace. Check the IRS guidelines for further guidance.
- Energy Star: certain energy efficient systems or appliances can be deducted if they meet government energy standards.
There are many other deductions that homeowners can take. The best advice we can give you if you are buying a home or are a current homeowner is to save all receipts, keep a detailed filing system, keep tax records up to seven years and always, always check with a professional when in doubt.
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