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Tax Time – Home Ownership Tax Deductions

There are positives and negatives during the tax season when you buy a home.

POSITIVE-New deductions are a major plus when you finally buy a home.

NEGATIVE-Your taxes will be a little more complicated this April.

Items You Can Deduct

There are many things you can deduct from your federal income taxes. Here is a quick summary of a few of those deductions:

  • Home mortgage interest
  • Home improvements
  • Equity loan interest
  • Property taxes
  • Home Office deductions
  • Selling costs
  • Moving costs

Items You Can’t Deduct

As well as the item’s that are deductible, here are a few item’s that can’t be deducted on your federal taxes:

  • Utility costs, such as gas, electricity or water
  • Fire insurance, homeowner’s insurance, and title insurance
  • Depreciation of your home
  • Wages that you pay for domestic help
  • Most settlement costs
  • Forfeited deposits or down payments

You should check out the IRS website for greater details in deductions for homeowners.

With the fiscal cliff deal that was signed on January 1st, we now have the American Taxpayer Relief Act of 2012 which can save most taxpayers even more money. These include:

  • Mortgage insurance premium deduction
  • Credits for Energy Efficiency.

Maronda Homes offers homes through-out Central Ohio that are Energy Efficient and at a wonderful value as well as having many floor plans that will fit any family style.

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About Art Browning

Art is a Division Coordinator for Maronda Homes in Columbus Ohio. He currently resides in Galloway Ohio with his wife Jody and three wonderful kids Kyle, Kayla, and Kameron. Outside the office he enjoys camping and gardening.

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