Homeowner Tax Breaks
Tax season is here. What can homeowners deduct from their filings? While it’s always best to consult with a tax professional, we have a list of the benefits some reap just for owning a home. Note that these are for a primary residence, as the IRS only allows you to declare one main home – AKA where you spend most of your time.
· Real Estate Taxes
· Mortgage Interest
· Business Expense (Do you work out of your home?)
· Rental Income (Do you rent out a room or two?)
· Pre-payment Penalties
· Mortgage Insurance Premiums
· Mortgage Points
· Late Payments
You can find more information direct from the IRS here: http://www.irs.gov/pub/irs-pdf/p530.pdf. Remember that taxes are tricky, and your best bet is to always speak with a pro. Give us a call if you have any questions about homeowner benefits.