Tuesday, January 5, 2016

How to Get More Homeowner Tax Deductions

Tax season is right around the corner again and if you're a homeowner than you probably want to know how to get more homeowner tax deductions - I mean, who wouldn't?

For instance, the average American saves almost $2K in deductions each year so why not get in on some of that?

Here is one tip but you'll have to check out the link to find out the others and believe me, you don't want to miss out!

"Points on home mortgage and refinancing: If you purchased a home in 2014, in addition to MID, which might be smaller if you bought later in 2014, you can most likely write off both the origination and discount points on your tax returns. 1% of the principal loan amount is equivalent to 1 point. In the eyes of the IRS, points are seen as prepaid interest.You will have to determine if you get to deduct all the points at once or if you have to spread the costs throughout the life of the mortgage. According to the IS if you purchased your first home or got a mortgage to purchase that first home, you can take all the deductions at one time. For refinance on the first home or a second home, it will probably have to be spread out, according to the IRS. If you don’t meet all the criteria to get the deduction upfront, it will have to be spread out over the mortgage life span. Check out the IRS’ guide called Tax Information for Homeowners for more details."

We can all use extra money and especially with being a homeowner. I know personally that every time we turn around, there's something else to fix so we can use all we can get.

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