Tax time is here, and for some of us, so is the thought of “Oh no, here we go again. How much will I owe this year????”. However, if you are a homeowner there are certainly some ways you may be able to lessen your tax burden.
Here are just a few to look into:
Using Schedule A, homeowners can take advantage of deducting the mortgage interest paid during the previous year.
PMI and FHA Mortgage Insurance Premiums
For loans originating in 2007 or later, the cost of private mortgage insurance (PMI) can also be deducted.
Did some remodeling in 2014? If part of your renovations made your home more energy efficient in 2014, you could qualify for the residential energy tax credit.
Vacation Home Tax Deductions
Tax deductions for vacation homes are complicated. So make sure you have kept good records about how and when you use your vacation home.
For best results (and less aggravation) understanding the itemization of your tax deductible expenses consult a tax professional.