Tax Breaks For Homeowners
- Ping Realty
- Mar 2, 2017
- 1 min read
Tax Breaks for Homeowners
Mortgage interest: The interest paid on a home loan may be tax deductible.
Energy Credit: If you spend money to improve the energy efficiency of your home, you may qualify for a tax credit
Property taxes: State taxes paid on your primary residence is deductible.
Casualty loses: If you suffered property damage and were not reimbursed by an insurance company you may be eligible for a deduction.
Home renovation and improvement: Material and labor expenses used for home renovations may be written off.
Private mortgage insurance: According to American Tax Service, PMI happens when you put less than 20% down when buying your house, so the mortgage has to be insured. The premium can be deducted when you file taxes as long as your income is less than $100,000 ($50,000 for those who file married filing separately).
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