Let’s talk tax savings! There are several tax breaks to be aware of when you file your taxes as a homeowner. I’ve got a list of five to get you started. You should be sure to verify all of my suggestions with your tax advisor and ask if they know of any more strategies!
#1 Mortgage interest. You can deduct the interest you pay on your home loan!
#2 Property taxes. As a homeowner you can deduct the property taxes you pay if you itemize.
#3 Home office. Post-pandemic, more homeowners are working from home. There can be some tax breaks for having an at-home office. Ask your tax advisor for all the ins and outs for your home office.
#4 Energy-efficient upgrades. Many energy-efficient home improvements made to your home can qualify you for tax breaks. These improvements include energy-efficient appliances, solar, windows, and roofing.
#5 Capital Improvements: If you replace the roof or air conditioner, redo the driveway, do foundation work, any renovations – Keep your receipts. When you sell you can count these expenses against your capital gains and save taxes.
Besides building your wealth, owning a home has some great tax advantages. I have to say I am not a tax advisor or CPA so please consult with your tax professional to make sure these items apply to you! If you need an advisor call me. I can refer you to some amazing local professionals. I’m your community market leader Sherri Echols, a helping hand for a happy home.
