Homeowner January 27, 2023

5 Tax Deductions for Homeowners: Some You May Not Know!

*SIGH* It’s that time of year again: Tax Season.

I’m dropping this Friday knowledge on you to give you something to ponder this weekend if you’re a current homeowner OR if you’re thinking about becoming one!

Here are some tax deductions that you may not know about! Save this post for later or share it with a friend who may find this helpful.

5 of my favorite deductions:

1. Mortgage interest // The interest on your mortgage is tax-deductible. At least there’s one good thing about interest, right?

2. Property taxes // Most homeowners are eligible to deduct the property taxes they pay on their homes.

3. Home office expenses // If you have a home office, you can deduct a portion of your home’s expenses, like utilities and insurance.

4. Home improvements // Certain home improvements, like energy-efficient appliances or a new roof, may qualify for a tax credit.

5. Relocation costs // Moving for a new job? You can deduct some of your moving expenses, like hiring movers or renting a truck.

Not sure which deductions you qualify for? Consult a tax professional or do some research to find out! You may be surprised!