BEING A HOMEOWNER HAS ITS TAX ADVANTAGES

Tax season can be a stressful time for many people, but as a homeowner, there is some good news. You may be eligible for tax breaks that can help ease the burden of tax season. Here are some ways that you can take advantage of tax deductions as a homeowner:

1. Itemize deductions on FORM 1040 Schedule A One of the easiest ways to take advantage of homeowner tax deductions is to itemize those deductions on FORM 1040 Schedule A. This will allow you to deduct expenses such as mortgage interest, property taxes, and other eligible expenses.

2. Deduct payments for mortgage loan interests If you’re a new homeowner, you can deduct payments for mortgage loan interests on your taxes. This can help lower your tax bill and save you money.

3. Deduct mortgage points If you’ve bought mortgage points to lower your interest, you can deduct those too. This can be especially helpful if you plan on staying in your home for a long time.

4. Mortgage Credit Certificate If you have a Mortgage Credit Certificate, you may be able to get back a percentage of your mortgage interest payments. This can be a great way to save money and lower your tax bill.

5. Keep track of property tax payments It’s important to keep track of your annual property tax payments to claim additional deductions. This can help you save money and lower your tax bill.

6. Deduct home business expenses If you’re self-employed, you can claim and deduct certain home business expenses. This can be a great way to save money and lower your tax bill.

7. Energy-efficient home improvements If you’ve installed an electric car charging station or made energy-efficient home improvements, you may get some money back. This can be a great way to save money and lower your tax bill.

8. Deduct interest on home equity loans Did you take out a home equity loan for home improvements? Deduct the interest to lower your tax bill. This can be a great way to save money and lower your tax bill.

If you’re looking for more tips on tax breaks for homeowners, contact us and we can put you in touch with a great tax advisor. They can help you navigate the complex world of taxes and ensure that you’re taking advantage of all the deductions that you’re entitled to. Don’t let tax season stress you out – let us help you save money and simplify the process.

If you are looking to purchase or refinance and want to chat with a lender before doing so contact Eric Miller with PNC Bank. He can let you know how much you will qualify for based on your tax returns and could possibly give you pointers prior to finalizing your returns. Eric Miller NMLS# 391165 - 562-682-0746 - [email protected].