Mt. Vernon - Mt. Juliet HomesRE/MAX Carriage House, Mt. Juilet Homes for saleProvidence Del WebEddie Rockensock

Tax Time is Here! Homeowner Deductions

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Tax time is here! While that statement can bring about anxiety and frustration, there are a few things that can make you smile this time of year. I'm not just talking about the flowers blooming in the warm Spring air; although taking a moment to smell the roses could reduce the stress a little! I'm talking about how awesome it feels to deduct things from your taxes.

Homeowners are allowed to deduct mortgage interest and property taxes if they itemize. If you paid points to get a better rate on your loan, that is also deductible in the year you paid them.

There are also tax credits homeowners may be able to use if the homeowner has made certain energy efficient improvements. Some things that may qualify include new HVAC, roofs, insulation or water heaters. More substantial improvements that may also qualify are things like solar panels and geothermal heat pumps.

Did you move this year? Check IRS publication 521 to see if any of your moving expenses qualify for a deduction.

Always check with a tax advisor when deciding whether or not a deduction or credit applies to you. Then smile knowing your house and your good decisions as a homeowner are helping you reduce your tax burden!

-Written by Maggie Claprood-

 



 



Maggie Claprood - Mt. Juliet Realtor

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