Owning a home can bring about tax deductions come tax season that you will want to take advantage of. If you own a business or work from your home, these tax deductions can assist you in bringing the amount you owe down. Here are a few deductions that
homeowners should be aware of.
Your mortgage interest is deductible each year. Your mortgage company will send you a form at the end of the year telling you exactly how much interest you paid in that year to deduct it from your taxes. If you have taken out a home equity line in the
year you’re preparing taxes, that interest may also be deductible. While it may be deductible, you should be aware that the IRS puts restrictions on the amount you can claim.
Another deduction is a home improvement loan. If you’ve taken out a loan to improve the home you’re in, then you may be able to use the interest paid as a deduction. It is always best to consult your accountant to ensure the deductions you’re wanting
to take are available.