Homeowners and sellers are at an advantage if they own a home in Erath County area. Amidst the busy tax season, individuals who own homes can be comforted by the fact that there are a number of deductions they can take advantage of in order to receive more on their return. A family can claim tax breaks related to a house in order to receive more than just the standard deduction. The following are a few other tips for homeowners who want to receive more from their tax return.
If you recently bought a or refinanced a home, you are likely to receive a large mortgage-interest tax break. More than half your monthly payments will be going toward interest if you recently bought a home, and this results in more money for your return. Additionally, homeowners have the option to deduct their local and state property taxes on federal tax returns.
You can claim a qualified renovation listed in the tax code in order to receive tax breaks and credits. There are a number of renovations covered under residential energy efficiency, such as hot water heaters and solar panels. Deductions can also be made for home office renovations as well as handicap-accessible bathtubs.
You also have the option to claim selling costs, especially if you sold a home in the last year. Costs that can be claimed on your return include advertising, real estate broker fees and title insurance. Moving expenses count as well. If you bought a home in 2012 due to a job-related move, you may qualify for a tax break. Home expenses can be deducted with the presence of a receipt. Conditions for this tax break include the movement of 50 miles or more with the move requiring to be work related and not personal.
Interested in knowing more about Erath County homes? Our professional team of real estate agents would love to help you find a great Erath County property.