Tax Tips For Homeowners – 2016 – Tax season is here! Can you believe it? If you are a homeowner, make sure you are taking advantage of all the tax credits you are elligible for. Check with your tax professional about these to see if you qualify…
- Real estate taxes are deductible. This includes state and local taxes based on the value of your property.
- Deductions are available for energy efficient improvements. These improvements include solar panels, certain hot water heaters, and energy-efficient windows, doors, roofs ect.
- Deductions can be made on home office improvements. This is only available if the office space is where the majority of your work is done. It is also only available if the space is used solely as an office.
- There are also deductions for medically necessary changes to your home. For example, handicap-accessible bathtubs or entry ramps.
- If you sold a home in the past year, you can claim selling costs. These costs include title insurance, advertising, and real estate broker fees.