TAX BREAKS FOR HOMEOWNERS

It is that time of year again....Tax Time

 

Photo by danielmoyle

 

Time to start gathering up your W2s, 1099s, bank statements and receipts...

and looking for any deductions you can find. 

One of the benefits of being a homeowner is that you may be

able to take advantage of a number of tax breaks. 

In order to take advantage of most of these deductions,

you will have to itemize your taxes.  It does make preparing your taxes

 more complicated, but the payoff can make it worth it. 

Here are list of a few tax breaks you may want to check out as a homeowner:

Mortgage Interest

If you paid interest at closing when purchasing your house,

you may be able to deduct all or part of that interest.

Points

If you paid points to obtain a mortgage when you purchased your home,

 you may be able to deduct that amount.

Property Taxes

State and local real estate taxes may be able to be deducted. 

It gets a little more tricky if your taxes are escrowed,

but worth checking into.

Selling Costs

The cost of things to promote the sale of your house

 such as broker's fees, advertising expenses

and repairs might be able to be deducted. 

 

Mortgage Insurance Premiums

If you qualify, you may be able to deduct

the premiums paid for private mortgage insurance.

 

Home Improvement Loan Interest 

Interest on loan to make capital improvements on your home,

you may be able to deduct the interest you pay on that loan.

 

Interest on Construction Loans -

If you build a home using a construction loan,

you may be able to deduct the interest paid

on a qualified home for the first 24 months of the loan. 

It is important to seek the advice of a tax professional

to determine if you qualify to take advantage of some or all of these tax breaks.  

Preparing your taxes is complicated...especially when itemizing,

 but why not take advantage of all the benefits of being a homeowner? 

We would love to hear if these deductions helped you out? 

Did it reduce the amount you owed or maybe even get you a refund?

Do you want to know about all the advantages of homeownership? 

Call (207)784-3800 or e-mail brenda@fontaineteam.com