RISMEDIA published this timely list of tips for homeowners looking to save some money now that tax season is upon us. Educated homeowners everywhere can reap the benefits of tax breaks and incentives. Homeowners and potential home buyers should know what expenses are tax deductible and the ins-and-outs of new tax laws.
1. Deduct the interest you pay on your home loan on your tax return.
2. Deduct property taxes and points you paid to lower your loan’s interest rate.
3. Take advantage of new laws in a challenging market.
4. Request a property tax reassessment if your home’s market value has declined.
5. Research past and proposed assessments that may apply to your home.
6. Get a reliable estimate of your property tax bill.
7. Wrap your property taxes into your monthly mortgage payment.
8. Understand how capital gains tax is calculated.
9. Know how your tax situation changes with every real estate move you make.
10. See if homeownership lowers your tax liability.
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