There are so many great reasons to own a home. With tax season approaching I thought it would be good to list a few of the benefits of Homeownership.
Below are my top 5 deductions for homeowners come tax time:
Home Mortgage Interest
If you have a mortgage on your primary residence, the interest you pay may be fully tax-deductible. Check with a professional tax advisor to see if you qualify.
Real Estate and Property Taxes
Local and state property taxes are often deductible against your income. Check with your professional financial advisor. If you are eligible for real estate tax-deductions, remember that these are only deductible in the year in which they were paid to the government.
If you work from home, or have office facilities at home, which you use for the purpose of paid work, you might be able to deduct the costs associated with maintenance. It does need to be a qualified office, however, so check your circumstances with a qualified financial advisor.
Moving Related Expense
If you are moving because you need to relocate for the purposes of your employment, you might find that certain expenses are tax-deductible. These expenses may include travel, household packing, and vehicle relocation. Ask a professional qualified advisor about limitations.
Health Related Home Improvements
If you need home alterations due to a chronic health problem or disability, the expenses associated with altering the home may be tax-deductible. There are certain conditions that must be met-(e.g., the alteration does not add value to your property and it must be a medically related alteration). The cost of installing a wheelchair ramp is one example of an expense that may qualify for this deduction.
It is important to note that homeowners should consult a financial advisor or tax professional to verify accuracy and for more information or details. For information about additional tax benefits of homeownership, just contact Josh today!