Tax Deductions: Make Your Home Work For You
Follow these tips to take advantage of tax deductions.
Tax deductions are a huge advantage when you become a home owner. However, filing your taxes might not be as easy as in years past.
For many homeowners, itemizing is the way to go at tax time. However, some home owners find that claiming the standard deduction remains their best move.
Here are some of the easiest tax deductions you can make once you are a Maronda Home owner.
- Home mortgage interest
- Equity loan interest
- Moving costs
- Home improvements
- Property taxes
- Home office deductions
- Selling costs
The home office deduction is available for homeowners and renters, and applies to all types of homes. Property taxes are fully deductible from your income. If you have an impound or escrow account, you can’t deduct escrow money held for property taxes until the money is actually used to pay your property taxes. And a city or state property tax refund reduces your federal deduction by a like amount.
Be careful! You can’t deduct everything. Depreciation of your home, utility costs, such as gas, electricity or water, and down payments are not able to be counted as tax deductions.
Owning your own home is a great way to take advantages and benefits in the tax system. Maronda homes makes owning a the home of your dreams easy, but the tax deductions are up to you.
Dream. Build. Live.