Don’t Forget These Top 3 Home Tax Write Offs

Tax filing season is here! And tax deductions and credits are just some of the many benefits of being a homeowner. Whether you’re a new homeowner or you’ve been in your home for years, don’t forget these top 3 tax write offs.

1.) Property Taxes: Because a large part of your monthly loan payment is contributed to property taxes, you’re allowed an annual deduction if you’re a taxpaying homeowner. The deduction amount is the amount you’ve paid and includes any payments made through an escrow account. Check out the IRS site for all the property tax guidelines. 

2.) Energy Efficiency Upgrades: If you made green energy saving improvements, you could see more green on your taxes. Eco-friendly home improvements can allow you to qualify for an energy credit of 10 percent. These enhancements can include adding more efficient windows, energy saving heaters, adding Energy Star Appliances, and more. There are also extra credits for solar panels. 

3.) Mortgage Interest: The biggest tax break you have as a homeowner is your mortgage interest. A home mortgage interest deduction allows you to reduce your taxable income by the amount of interest paid on the loan which is secured by your principal residence. This deduction can also apply if you refinanced or own multiple properties.

Have questions about these top 3 tax write offs for your home or additional tax credit questions in regards to your home? We recommend consulting a professional tax planner before filing. And if you’re interested in buying a home in Phoenix or selling your Phoenix home this year, please contact The Russo Team today.

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

Search the MLS Now!

Join us on Facebook and Twitter