Homeownership has its benefits – especially at tax time.
Most homeowners are able to deduct the mortgage interest on their primary residences and in many cases, second homes as well. Interest on home equity loans and lines of credit are generally tax deductible. Did you pay points when you purchased a home or refinanced in 2013? Points are also generally tax deductible. Your tax preparer can let you know if you quality for any of these perks.
Do you have a home office? The IRS has a new simplified option for those eligible to deduct expenses related to their home office.
Have you made any energy-efficient upgrades to your home? You may be eligible for one or more popular tax credits designed for homeowners. For more information, including which products qualify for a tax credit, go to this link. You can also visit this link for information and deductions designed for homeowners.