One of the many perks of homeownership is big tax breaks. So whether you’re doing your taxes yourself or getting help from a professional (always use a professional), it’s important to take advantage of those breaks!
Mortgage Interest Deduction:
Before buying a home, a standard deduction may have made the most sense when you prepared your taxes. But homeowners can deduct the interest portion of their mortgage payments, and the earlier you are in your mortgage, the greater the percentage of each payment that goes toward interest, so take advantage right away!
There are specific criteria that have to be met in order to deduct home office expenses, but it can lead to a very large deduction. In general, your home office has to be used specifically for business purposes. Check with a tax professional to see if your home office qualifies for a deduction—it’s a little extra work, but can make a big difference in your tax responsibility.
Talk to a tax professional to ensure you are leveraging all the available tax benefits of homeownership.
As your REALTOR®, I will guide you through the home selling and buying process. Let me help you sell or find your new Denver home. Call me today at 720.675.7355 or email me at donnahansenion (@) gmail.com.
Author:Donna Hickey Hansen Phone: 303-949-3393 Dated: March 9th 2016 Views: 942 About Donna: As a Realtor and real estate investor, I love finding first time home buyers, move-up buyers and inv...
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