• Many homeowners are not aware that mortgage insurance is considered a deductible, which is good news for lower-income homeowners. Low-income homeowners usually cannot afford to provide the minimum 20 percent down payment recommended for their homes, so having mortgage insurance as a deductible helps them out in the long run.
• Homeowner taxes such as local and state property taxes are also considered tax deductibles on federal tax returns. Even more good news for low-income homeowners is the fact that many states provide special property tax benefits, so it is always a good idea to check the specifics in your area concerning taxes.
• There are numerous renovations that allow for credits and tax breaks, including solar panel installations and energy-efficient hot water heaters. These types of renovations can usually be written off as residential energy efficiencies on your tax filings. Home office improvements and medically necessary additions can also be considered as qualified renovations on your taxes.
• Homeowners also have the option of claiming property selling costs such as advertising, title insurance and real estate broker fees. Additionally, moving expenses if the move was specifically for a job can also be claimed on a tax return. Make sure to keep the receipts to your move in order to deduct the expenses, and make sure to note that the move was 50 miles or more and not for personal reasons.
There are plenty of great homes for sale in the Erath County area. Please give us a call today, as we’d love to discuss your options for an Erath County dream home.