It’s nearly tax time. Here are some tax benefits that come with owning a home. Can you write these things off? Read this short list.
1. Your Mortgage Rate
- Deduct the mortgage interest you paid over the course of the year.
- Deduct the mortgage interest you paid over the course of the year.
2. Your Property Taxes
- … and you can also pay them in full early for the year for a bigger deduction.
- … and you can also pay them in full early for the year for a bigger deduction.
3. Your Mortgage Insurance
- Deduct what you have paid into your PMI this past year.
- Deduct what you have paid into your PMI this past year.
4. Energy efficient Upgrades
- Any “green” updates? Get credit for a percentage of them.
- Any “green” updates? Get credit for a percentage of them.
5. A Home Office
- Home office & expenses can be deducted but be official.; know the rules.
- Home office & expenses can be deducted but be official.; know the rules.
6. Home Improvements for Aging There
- Renovations & improvements at home to accommodate growing old and staying put. Follow the formula.
- Renovations & improvements at home to accommodate growing old and staying put. Follow the formula.
7. Interest of A Home Equity Line of Credit
- Deduct interest paid on the loan if loan is for home improvements & repairs.
- Deduct interest paid on the loan if loan is for home improvements & repairs.
Read complete details regarding all 7 of these:
Contact Rick Bennett at ID-BUY Real Estate/Keller Williams Realty Boise to find out more about becoming a home owner or selling a home or property. 208-407-0532
