{"id":19770,"date":"2022-02-03T22:46:05","date_gmt":"2022-02-04T03:46:05","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=19770"},"modified":"2022-02-03T22:46:20","modified_gmt":"2022-02-04T03:46:20","slug":"10-tax-deductions-new-homeowners-should-know","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2022\/02\/03\/10-tax-deductions-new-homeowners-should-know\/","title":{"rendered":"10 Tax Deductions New Homeowners Should Know"},"content":{"rendered":"\n

By S&D Real Estate Services<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Homeownership comes with serious benefits. It can protect you from inflation, help you build wealth, and can even qualify you for valuable deductions and credits.<\/p>\n\n\n\n

Want to make sure you\u2019re taking full advantage of the tax perks you\u2019re eligible for? Read more to learn which homeowner deductions you\u2019ll want to consider. <\/p>\n\n\n\n

1.    Mortgage interest deductions<\/h1>\n\n\n\n

In most cases, you can deduct any interest you pay on your mortgage loan.<\/p>\n\n\n\n

According to Embrace Home Loans,<\/a> you can deduct up to $75,000 in total debt or $375,000 if you\u2019re married and filing returns separately.<\/p>\n\n\n\n

You can even write off interest paid on second home mortgages.<\/p>\n\n\n\n

2.    Property taxes<\/h1>\n\n\n\n

Some homeowners can deduct their entire property tax bill. Sounds too easy, right? There\u2019s a catch.<\/p>\n\n\n\n

To do this, you must itemize your returns and your taxes as well as any other state and local tax<\/a> deductions you\u2019re taking. And this can\u2019t exceed $10,000.<\/p>\n\n\n\n

3.    Home office<\/h1>\n\n\n\n

If you work from home, you may be able to write off your home office<\/a> costs. This includes things like electricity, Wi-Fi, a portion of a mortgage payment, home insurance, and so much more.<\/p>\n\n\n\n

This works if you use the space as your principal place of business or substantially and regularly if you work outside of the home.<\/p>\n\n\n\n

4.    HELOC<\/h1>\n\n\n\n

If you took out a home equity loan, the interest you paid on that loan may be deductible.<\/p>\n\n\n\n

But this only applies if you used funds to improve the value of your property. This includes making repairs, upgrading, and renovating.<\/p>\n\n\n\n

5.    Energy-efficient upgrades<\/h1>\n\n\n\n

Have you ever heard of the residential energy-efficient property tax credit<\/a>? This is where you can offset some of the cost of installing solar panels, a wind turbine, or a solar heater.<\/p>\n\n\n\n

The credit depends on when you install the system but can range from 22%-30% of the cost and is directly applied to your annual tax bill.<\/p>\n\n\n\n

This means that it will lower what you owe and not your taxable income.<\/p>\n\n\n\n

6.    Mortgage credit<\/h1>\n\n\n\n

You might qualify for a mortgage credit certificate<\/a> if you meet certain income requirements.<\/p>\n\n\n\n

These offer a dollar-for-dollar credit toward your tax liability based on the mortgage interest you pay annually.<\/p>\n\n\n\n

7.    Discount points<\/h1>\n\n\n\n

If you bought a home and paid discount points to lower the interest rates, then you have another deduction option.<\/p>\n\n\n\n

Points are basically pre-paid interest. They\u2019re considered write-offs just like mortgage interest is.<\/p>\n\n\n\n

All you do is deduct the full total you spent on mortgage points at closing and reduce your tax liability accordingly.<\/p>\n\n\n\n

8.    Tax deductions for capital gain<\/h1>\n\n\n\n

If you sold<\/a> a home before buying a new one, you may be able to write off your profits.<\/p>\n\n\n\n

If you made $250,000 or less on your home sale<\/a> ($500,000 if married filing jointly with your spouse), then your capital gains will not count as income.<\/p>\n\n\n\n

However, keep in mind that the home must have been your primary residence at least two out of the last five years prior to the sale.<\/p>\n\n\n\n

9.    PMI<\/h1>\n\n\n\n

Are you paying private mortgage insurance<\/a> as part of your mortgage loan? You can deduct this too.<\/p>\n\n\n\n

If you make $100,000 or less, you can deduct the entire year\u2019s mortgage insurance premiums. If you make between $100,000 and $109,000, you can write off 10%-90% of premiums.<\/p>\n\n\n\n

Consult with a tax pro<\/h1>\n\n\n\n

Not all homeowners will be eligible for everything. And there may even be more tax perks you qualify for.<\/p>\n\n\n\n

Make sure to consult with a professional or financial advisor for personalized guidance on filing your taxes.<\/p>\n\n\n\n

SOURCE<\/a><\/p>\n\n\n\n

S&D Real Estate Services, LLC
2000 E. Edgewood Drive; Suite 103
Lakeland, FL  33803-3600<\/p>\n\n\n\n

863-824-7169<\/a><\/p>\n\n\n\n

dee@shawnanddee.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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