10 Homeowner Tax Breaks For The New Homeowner

Congratulations! You’re a homeowner living the American dream. Building equity, tackling home maintenance tasks and enjoying homeowner tax breaks are benefits of living the American dream.

Whether it’s a mobile home, single-family home, townhome, condominium or cooperative apartment you own, the government can help ease the pain of your monthly mortgage payments through homeowner tax breaks they offer homeowners. Many tax deductible, home-related expenses are now yours for the claiming, and they will lower your tax bill considerably. And when you sell your home, you’ll enjoy even more homeowner tax breaks.

Up until this point, your taxes have been fairly simple. You’ve probably been claiming the standard deduction. Owning a home brings extra tax write-offs and makes your taxes a little more complex. The taxes you pay to the state and the donations you make to charities are now tax-deductible expenses that will lower your tax bill to a large extent. You’ll need to use a Form 1049 and Schedule A and start itemizing.

Familiarize yourself with the following 10 homeowner tax breaks that may now be available to you:

• Mortgage interest
• Points
• Real estate taxes
• Private Mortgage Insurance premiums
• Penalty-free IRA payouts for first-time buyers
• Home improvements
• Energy credits
• Tax-free profit on sale
• Home equity loans
• Adjusting your withholding

Itemizing tax deductions is well worth every effort at tax time.

If you have any questions about homeowner tax breaks the government offers to new homeowners, don’t hesitate to call The Pikoff Team at (281) 670-1910. We’d be happy to answer any questions about homeowner tax breaks that may now be available to you. Taking care of you and your real estate needs is what we do best!