Home Ownership. Part of the American Dream. Paying taxes each year. Part of the American Reality. The good news is that there are tax perks of owning a home.
Where those two paths cross – home ownership and your taxes — are some tax perks you want to be sure you are utilizing. A quick check can help you maximize the tax perks of owning a home.
There are some common deductions that come with home ownership that you want to make sure you are taking, such as …
-Mortgage Interest
-Home Office
-Real Estate Taxes
-Home Mortgage Insurance
Please note, as with anything, there are limitations and qualifications associated with these common deductions:
–Mortgage interest — limited to the first $750,000 in loans secured by your home ($1 million for mortgages underwritten prior to 2018)
–Home office – the home office does have to meet certain requirements to qualify
–Real Estate taxes – current tax laws limit this deduction along with other taxes to $10,000
-Home mortgage insurance – this one is not a permanent part of the tax code, but it is typically renewed each year by Congress
One Last Thing
Perhaps you’ve said 2021 is the year you are finally going to take care of your tax issues. Strategic Tax Resolution can help. We have the experience to customize a resolution plan for your unique tax problems. Strategic Tax Resolution handles the IRS and State taxing authorities on your behalf, working to negotiate the best possible outcome for you. Contact us today at any of our area offices, by email or call 888-339-4914. Follow us on social media. Get Relief!