Everyone wants to get as much money back from the IRS as possible, or at least not have to pay as much at the end of the year. Owning a home can help you with that, here are a few tax breaks that you can possibly qualify for that will help your pocket each tax season.
Tax Break 1: Mortgage Interest- the ability to deduct the interest on a mortgage of up to $1 million.
Tax Break 2: Property Taxes- in most cases, property taxes are deductible on your tax returns.
Tax Break 3: Private Mortgage Insurance- if you put less that a 20% down payment on your home, you're required to carry this insurance. There is a deduction made available for the 2017 tax year.
Tax Break 4: Energy-efficiency Upgrades- credits that are applied when your add solar electric and/ or solar water heating equipment upgrades to your home.
Tax Break 5: A Home Office- if you work from home, your office spaces can be deducted.
Tax Break 6: Home Improvement to Age in Place- Making renovations to your home to are more accessible to the elderly or to people with certain disabilities, (i.e. widening doorways, lowering cabinets or electrical fixtures, adding stair lifts or wheel chair ramps.)
Tax Break 7: Interest on a Home Equity Line of Credit- if you took out a home equity line of credit in 2017, the interest that you pay on that loan can also be deductible.
Check out this article for all of the details on these breaks that could really help you out this tax season!