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Cost Savers

7 Tax Deductions That Can Save Homeowners Money

As a homeowner, you may be eligible for some federal tax deductions that can save you money. Always consult with your tax expert about your particular circumstances. be sure to ask if you are eligible for any of these deductions:
Young Couple Talking to Accountant About Tax Deduction Tips to Save Homeowners Money

 

1. Home mortgage interest is a deductible expense, within certain parameters, when itemized on Schedule A (Form 1040).

2. If you purchased or refinanced a home and paid points (also sometimes known as discount points, loan origination fees, or maximum loan charges), you may be eligible for deductions over the life of the loan or in the year paid, depending on your circumstances.

3. Qualified home mortgage insurance (not to be confused with homeowner’s insurance) may also be deductible.

4. Local and state real estate property taxes are also deductible items on Schedule A (Form 1040). If you purchased a house during the tax year, don’t forget about any property taxes for which you may have reimbursed the seller.

5. If you sold a home during the tax year, certain costs including title insurance, advertising and real estate broker fees may also be claimed on your return.

6. If you moved over 50 miles for the purpose of your job, a portion of your moving costs may be deductible if you meet certain requirements.

7. If you made certain energy saving home improvements, you may be eligible for deductions or tax credits. For information about energy efficient tax credits and incentives, visit here and here.

There are other home-related tax tips that a tax expert can tell you about. In addition to seeking the advice of a tax professional, be sure to have all the necessary documentation in order before claiming deductions such as the free tax guide below. It includes valuable tax-saving information that you can take to your upcoming tax appointment.

Download Free Guide: 7 Little Known Ways for Homeowners to Save on Their Taxes

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