Becoming a new homeowner comes with many perks. Not only do you finally have a home that you have been working to own, but you have the benefits of a few tax write-offs that weren’t available for you before. Whether you’re filing your taxes as a new homeowner, or you’re an existing homeowner who isn’t familiar to all of the write-offs available to you, here are five tax write-offs for homeowners that you can take advantage of.
In this day and age, everyone has the technological capabilities to work remotely. If you are among those people and have a home-office, or if your home is your primary office, then you may be eligible for the home-office deduction.
If you have moved into your new home due to taking a new job that is more than 50 miles away from your old home, you may be eligible for tax deductions. You may be able to deduct lodging expenses for you and your family, as well as moving expenses to move your belongings.
If you are going green or have gone green, you may be eligible for a tax deduction. What this means is that if you have made energy-efficient upgrades like doors or windows, energy efficient furnaces, etc., you can write it off, the credit is 30% of the cost of installing such energy savers, up to a top credit of $1,500.
Vacation Home or Second Home
If you have a vacation home or second home, you may be eligible to deduct property taxes on the home(s) if it/they is/are rented for up to 14 days during the calendar year. If you rent out your home for a period of more than 14 days in a calendar year, you must report the income, but also may claim deductions for rental expenses.
If your home was damaged or destroyed due to an act of God, you may be eligible to receive extra help by deducting a casualty loss on your tax return.
Being a homeowner can be expensive. When the bills add up, it will be beneficial for you to know the benefits you have available to you. For more information on tax write-offs available to you, visit here.