3 Tax Write Offs For Homeowners

You have finally found a home that you fell in love with and you’re proud to call it yours. However, along with your home came the taxes you now have to pay. You don’t need panic though, homeowners have a number of tax deductions available to them, and a few sizable ones at that. Your tax breaks are determined by things like the size of your mortgage and your income bracket, but no matter where you fall you can find some type of write-off. Here are three tax write-offs that all homeowners should know about.

Home-Office Deduction

In this day and age, with everything mobile or in the cloud, many people choose to work from home or have their very own home office. If you are among those people, you have the option to write off your home office. There are a few qualifications that you have to meet for it to be considered a home-office: you need to meet with your clients there somewhat regularly, or your home office needs to be your principal place of business. One thing to note is that this write-off includes depreciation, utilities and insurance for the office portion of your home.

Energy Efficient Upgrades

If you have made upgrades to your home that are energy efficient or “green,” you will be eligible for a deduction. From windows and doors, to a furnace, to air conditioners, your credit could be up to 30% of the cost of installing the energy efficient products. So, going “green” won’t just help you reduce your carbon footprint, it will also help you qualify for some pretty killer tax write-offs.

Real Estate Taxes

Believe it or not, you can deduct state and local real estate taxes that you have paid during the year on any number of personal residences you own. Additionally, you can add $500 if single or $1,000 if married filing jointly to the regular standard deduction amount if you paid at least that much in state and local real estate taxes.

Doing your research when it comes to tax deductions is the best way to set yourself for saving more money. If you ever find yourself with questions, contact your real estate or tax professional, and they will be able to provide you with answers. For more information regarding tax write-offs for homeowners, visit here.

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Comment balloon 1 commentRoberta Kayne • January 24 2014 10:16AM
3 Tax Write Offs For Homeowners
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