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Farmington Hills Michigan Homeowner Tax Advice
The tax deadline is right around the corner! Do not miss out on money saving tax benefits of real estate ownership. The Farmington Hills Michigan homeowner tax advice in this blog may help with your tax returns.
 
Look for the 1098 Form from Your Mortgage CompanyInterest paid on primary mortgages, second mortgages, home equity loans, and home renovation loans are often tax deductible. You will receive a mortgage statement, a Form 1098, from each mortgage company. It will detail amounts paid during the 2016 year. It may also reference amounts paid for mortgage insurance, which might be deductible if you meet the income and other requirements.
Calculate Money Spent on Property RepairsKeep track of all home repair expenses. Some repairs, such as energy efficiency upgrades (windows, doors, heating systems) could be eligible for special tax credits. Renewable energy improvements (i.e. solar panels) qualify for an additional tax credit program. Even if your upgrades do not qualify, they may be helpful years later when calculating how much, if any, capital gains tax may be payable on your property sale.
Look for Copies of Closing PaperworkIf you purchased a house or refinanced a mortgage this past year, you should have been given a form that details closing expenses. Tax ... more

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