Take advantage of these tax tips to give you the jump on your returns. Owning a home can pay off at tax time, the National Association of REALTORS estimate homeowners save an average of $3,000 in taxes from mortgage-interest and property-tax deductions.
To take advantage of the tax breaks allowed homeowners, you have to complete Schedule A of the IRS Form 1040. Sounds complicated, but you can find out exactly what can and cannot be deducted with the outline provided by the IRS,in their Publication 530
These are just a few of the big ones:
- Mortgage Interest Deduction
- Prepaid Tax Deduction
- Property Tax Deduction
Need more help? Get more tax advice right here. http://www.houselogic.com/home-advice/tax-deductions/home-tax-deductions/