5 Valuable Deductions To Taxes A Homeowner May Be Able To Claim

5 Valuable Deductions To Taxes A Homeowner May Be Able To Claim

  Some of the biggest potential tax breaks come to those families who own their home. The CPA and tax expert for turbo tax says it's not just the home related tax breaks you get access to either. She says getting qualified expenses can top the standard deduction and put you over into the itemizing category. This will allow you to deduct expenses you otherwise wouldn't. 

  The next five valuable deductions and credits are those a home owner may be able to claim. First off is mortgage interest, or the interest you pay on a home loan. For instance a 30 year mortgage on a $300,000  home loan you will pay about $12,000 in interest payments your first year.

 Next you have points on your loan that is also tax deductible. A point is typically 1% of your total loan. So on a $300,000 home loan, you could have a tax break of $3,000. 

  In addition to the first two tax deductions a homeowner can get an energy tax credit. This credit comes if you make improvements to energy efficiency in your home. In this case a credit is better than a deduction as the credits are dollar for dollar not a percentage.

  The last two deductions are property taxes and casualty losses. As for property taxes, deducting your local tax bill can save you a lot on your federal return and it can add up in a hurry. With casualty losses they are set in place for those who suffered property damage and weren't reimbursed by their insurance company for repairs. 

  I hope this will be helpful for those of you who have recently purchased a home.

*Source: Florida Realtors News

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Dante Escobar Headshot
Phone: 863-259-9307
Dated: February 28th 2017
Views: 134
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