The days are getting longer and the air should be slightly warmer, which means one thing: TAX TIME! As a homeowner, make sure you understand the ways you can save on your tax bill. As a Realtor, I am not a tax consultant and offer this to only remind you of possible deductions.
- Most common deduction is the mortgage interest deduction.
- Property taxes paid to your local government, can lead to larger federal tax breaks.
- Paying mortgage insurance (PMI) is also deductible.
- If you sold a home in the past year, some costs can be deducted.
- Home renovations are not deductible unless they were "energy efficient upgrades".
- ALWAYS TALK TO A TAX PREPARER OR CPA WITH ANY QUESTIONS YOU HAVE REGARDING WHAT CAN BE LEGALLY DEDUCTED FOR YOUR CURRENT TAX DOCUMENTS.
Keller Williams ~ Greater Cleveland West ~ Carol Murphy Team