Tax Deductions for the St George Home Owner
Tax season is upon us and it can make for a busy time. Hopefully you have stayed organized throughout the year and are not scrambling to get everything together in time. Whether you are filing online and doing your own taxes, or having someone else prepare them for you, you definitely do not want to miss out on any tax deductions possible for being a home-owner. Owning a home really has its benefits at times, and this is one of those times!
Prepaid Interest Deduction
When you took out your mortgage, you prepaid interest in the form of points. The good news is that these points are usually 100% tax deductible in the year you paid it. So for you 2016 home buyers, don’t miss this one!
The same goes for refinancing points. If you refinanced your home in order to make improvements, the points you paid are also tax deductible.
Property Tax Deduction
The real estate property taxes you pay each year are tax deductible. The escrow account on your property will show the amount of real estate property taxes you have paid for the year. Every home owner should be using this deduction!
Energy-Efficient Upgrades are Deductible
Certain energy-efficient upgrades on your home can be deducted if they qualify for the credit. Upgrades such as: heating, ventilation, air conditioning, biomass stoves, insulation, roofing, non-solar water heaters, windows, doors, and skylights are on the list. Be sure and let your tax associate know of any changes you have made in these areas to see if they qualify!