Thursday, February 16, 2017

Tax Benefits for Homeowners

Being a homeowner has a lot of perks - especially at tax time.  Homeowners are eligible for several tax breaks that may ease your payments due to Uncle Same. Talk with your tax preparer to see if you are eligible for any of the following homeowner tax write-offs.

- Deduct your monthly interest payments - the majority of your monthly mortgage payment

- Paying for mortgage points

- Did you relocate for a job more than 50 miles away? You can write-off some of your moving expenses.

- Sell a home so you could move into a new one? Ask about tax breaks related to selling costs!

- Deduct the amount spent on annual property taxes

- Did you make any modifications to your home to make it more energy efficient? Those costs may be deductible too!

Owning a home may make your tax filing process a little more complicated - but it's worth it! Talk with your tax professional to make sure you get all the tax benefits from owning a home!

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