Don’t Miss these Top 3 Home Tax Deductions!
Getting ready to file your taxes this tax season? Whether you’re a first-time homeowner or a seasoned veteran, don’t miss these top 3 home tax deductions.
1.) Property Taxes: Because a large part of your monthly loan payment is contributed to property taxes, you’re allowed an annual deduction if you’re a taxpaying homeowner. The deduction amount is the amount you’ve paid and includes any payments made through an escrow account. Check out the IRS site for all the property tax guidelines.
2.) Mortgage Interest: The biggest tax break you have as a homeowner is your mortgage interest. A home mortgage interest deduction allows you to reduce your taxable income by the amount of interest paid on the loan which is secured by your principal residence. This deduction can also apply if you refinanced or own multiple properties. Visit the irs.gov to learn more.
3.) Energy Efficiency Repairs: If you made green energy saving improvements, you could see more green in your tax refund. Eco-friendly home improvements can allow you to qualify for an energy credit of ten percent. These enhancements can include adding more efficient windows, energy saving heaters, adding Energy Star appliances, and more. There are also extra credits for solar panels. You can find a complete list of green home enrichments and the tax credit criteria here.
Tax deductions and credits are just some of the many benefits of being a homeowner. I recommend that you consult a professional tax planner before you file this year. If you’re interested in buying a home in Phoenix or selling your Phoenix home, please contact me today!
The Voss Team
20241 N 67th Ave A1
Glendale, AZ 85308