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Tax Advice for Homeowners

HomeownersOwning your first home is an incredible accomplishment, however it comes with a lot of responsibilities. One of the one of the primary responsibilities is your homeowner’s taxes.  For those who have never filed as a homeowner before filing may seem challenging. Here are some helpful tips for filing your taxes as a homeowner and advice for getting tax breaks. Hopefully, these tips make it easier for you the next time you file.

Tax breaks
Mortgage interest
One of the biggest tax breaks you can get it off of your mortgage’s interest.  And remember, it is not just off of your first mortgage, you can also receive options for refinancing your mortgage as well. In addition, you can receive per deductions for any additional property that you own even if they are not a traditional home, for example, you can receive deductions for owning an RV.

Points
Did you pay points to get a better rate for your home loan?  And you may be entitled to a tax break as well. You only get the break in the same year as you paid for your point.  And this is only if the loan with me to purchase or build your main home or to establish a business.

Other tax breaks
The Energy Efficiency tax credit

The renewable energy tax

Home Improvements

First time home buyers tax credit

Income and Interest on reverse mortgages

Common tax mistakes to avoid

Don’t confuse the escrow amount for the annual tax paid.

Failing to track home-related expenses

Filing incorrectly for the energy tax credit

Failing to keep track of your capital gains

Failing to take advantage of the home office tax break

Now that you know some tax advice for homeowners be sure to take this information into consideration when you file. And for quick and easy filing that you can do it yourself, be sure to visit turbotax.com. In addition, TurboTax features and amazing blog where you can find a wealth of tax information to educate yourself with. And for deals and specials off of TurboTax products go to groupon.com.

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