There are two ways to look at “Tax Season”: die a little inside as each day draws you closer to April 18th or get excited that you have an opportunity to receive tax deductions as a homeowner! It’s a “glass half full, glass half empty” ordeal…
Owning a home has a few benefits other than more space and a place to call your own: tax deductions! Let’s at least make sure you’re gaining all the benefits you can from tax deductions that apply to you.
Mortgage interests are fully deductible up to $1,000,000. Each month your tax break is reflected in your house payment since the majority of the payment goes towards paying interest. All of that interest is deductible!
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Moving to start a new job in a new location? Taxpayers can deduct expenses of moving them and their families to the new location. Taxpayers may deduct the reasonable expenses of moving themselves and their families if the move is related to starting work in a new location. Such deductible expenses are transportation of household goods and personal items, as well as travel to the new residence, like lodging.
“Out with the old and in with the new!” Often times, homeowners purchase new furniture, appliances, and other household goods when moving into a new space. With the new, comes clearing space for the old. The items you donate to charity are tax deductible. Make sure you ask for a receipt at the donation drop-off location and the estimate value of the items you donated for records.
Running a Business From Home:
Working from home can be rather exciting. PJs all day, right?! Heck, it’s your house and your business. Another great perk about working from your home is that your office space can be tax deductible. The deduction is calculated by the square footage of the office compared to the square footage of the whole house.
Homestead Tax Exemption:
For more information, check out our previous blog about the Texas Homestead Tax Exemption hand how you can apply.
For more in depth information about tax deductions as a homeowner, reach out to use today so that we may refer you to our lender partners!