New homeowners do not know how lucky they are to be able to write off mortgage interest and property taxes. Galloway Tax Express want our clients to take advantage of all tax benefits as a homeowner with the following tips.
Homeowner Mortgage Interest
Equity Loan Interest
You may be able to deduct some of
the interest from your home equity loan, however, limited to the smaller of
$100,000 or the total of your home’s value minus the outstanding debt.
Home Improvement Loan Interest
Home improvement loan interest can be deductible up to $100,000. The loan must be for capital improvements and not simple repairs. Capital improvements is something that will make your home value increase or change the way you can use your home. Examples of capital improvements include:
- Porch
- Insulation
- Built In Appliances
- Roof
- Fence
- Garage
- Landscaping
- Deck
- Swimming Pool
- Heating
- Cooling
Home Purchase Points
If your home purchased or refinanced was your primary home, you may be able to write off the points from that loan with the point from a second home being spread out over the life of the loan.
Homeowner Home Property Taxes
Almost always, state and local taxes are deductible in states, whether paid in escrow or to the state.
Home Office Tax Deductions
Home offices may be able to deduct costs related to that portion of your home. However, must be used exclusively as your place of business or as the storage for samples and inventory.
If your home purchased or refinanced was your primary home, you may be able to write off the points from that loan with the point from a second home being spread out over the life of the loan.
Homeowner Home Property Taxes
Almost always, state and local taxes are deductible in states, whether paid in escrow or to the state.
Home Office Tax Deductions
Home offices may be able to deduct costs related to that portion of your home. However, must be used exclusively as your place of business or as the storage for samples and inventory.
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