Health & Fitness
Top Tax Deductions for Homeowners in 2014
If you're a homeowner, you'll want to read about these tax breaks.
Like clockwork, this time of year brings us aching backs from shoveling snow; the start of baseball’s Spring training (Go Sox!); and, the unwelcome task of preparing to pay our state and federal income taxes. Most Americans take the standard deduction allowed by the IRS when completing their federal tax return but itemizing deductions can be especially fruitful for homeowners. I’ve compiled some of the best info on tax deductions for homeowners just for you.
To start, here’s a great article that pinpoints the best tax deductions for those of us who own are own homes: “Home Sweet Homeowner Tax Breaks.”
And, closer to home (forgive the pun), if you’ve recently purchased your home in Massachusetts you might qualify for tax break. If you’re using your home as your principal residence and you live in the following Massachusetts cities and towns, you’re eligible for your community’s residential tax exemption:
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- Boston
- Brookline
- Cambridge
- Chelsea
- Somerville
- Watertown
On average, the tax savings can add up to about $1,500…nothing to sneeze at. In order to be eligible, the owner must occupy their property as their principal residence; investors don’t qualify. You must apply for the exemption and show proof of residency for a fiscal year. If you happen to live in any of these Massachusetts town or cities, do yourself a favor and check out your town’s website for complete details.
Now, excuse me while I go back to shoveling my driveway.