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Tax Deductions to Be Aware Of

Taxes are something that we must embrace and deal with for the rest of our lives. It is important know what you may be eligible for as a home owner. Here is some valuable information that may help your wallet that was mentioned on The Huffington Post.

  1. If you purchased your home in 2017, you should be getting Form 1098 from your lender. This form will include the amount of interest and everything else you paid for at the time of purchase. With this you can maximize your deductions.
  2. If you were a victim of property damage last year such as from the hurricane season, if your damages total more than 10% of your income, you will be able to deduct anything the insurance does not cover.
  3. Solar improvements can be deducted as well. If you have made any solar improvements in the past year you may be eligible for up to a 30% credit of the total cost, including installations.
  4. Depending on what state you live in, if you purchased a historical preservation, you may be eligible to qualify for deductions. Your house must be listed on the National Register of Historic Places, and any home improvement done to the property must be reviewed and approved to meet the requirements of preservation.
  5. If you own a second property, that isn’t your primary residence, you must report it in your return. That is if you rent out your second property. You may get tax breaks on certain rental expenses like repairs, furniture, and supplies.
  6. Interestingly, if you use your home as your actual office for work, you can take the home office deduction for a % of the interest on your mortgage, insurance and maintenance. This is all based on how much square footage is being used for your business.
  7. If you moved due to a job offer, after meeting the criteria of working at least 39 weeks within the first 12 months after moving, and your new job is at least 50 miles away from your old home than your old job, you will be able to claim every single item used to move.

References

PureWow. “9 Tax Deductions Every Homeowner Should Know About.” The Huffington Post, TheHuffingtonPost.com, 7 Feb. 2018, www.huffingtonpost.com/entry/9-tax-deductions-every-homeowner-should-know-about_us_5a7a04cde4b0648e95742f17.

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