Tax time is around the corner, and April 15 will be here before you know it. When you file your taxes, keep a few deductions and credits in mind. Make sure to discuss your specific situation with a tax professional to accountant to make sure you get the credits and deductions you qualify for.
Tax Credits for Home Improvements
According to Homeselfe, there are several specific home improvements that may qualify for a tax credit of up to $500 on your tax return.
- New heating, air conditioning, or other HVAC system
- Added or new insulation
- Metal and asphalt roofs
- New water heater
- Windows, doors, and skylights
- Biomass stoves
- Advanced main air-circulating fans
Do any of these apply to you? Talk to your accountant to make sure you receive all of the credits you’re due.
Tax Deductions for Home Buyers
If you’ve been a homeowner for a while, you won’t be surprised by these. For new homeowners, take a look. You may be able to lower your taxes with these deductions:
- Mortgage interest: This includes your primary mortgage for the home you live in, refinanced mortgages, home equity loans, and home equity lines of credit.
- Discount points: If you paid discount points during your home purchase or refinance, you may be able to deduct the amount you paid.
- Property taxes: You may be able to deduct the amount you paid in property taxes on your federal return.
Homeownership is good for your family, good for the neighborhood, and great at tax time. Talk to your tax professional today to get every credit and deduction you deserve. If you’re considering buying in 2016, remember these credits and deductions for the future.
Sources:
Surprising Tax Credits for Homeowners, FloridaRealtors.org
Your Guide to 2015 U.S. Homeowner Tax Deductions and Tax Credits, TheMortgageReports.com
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