Lang Premier Properties knows the New Year is full of resolutions and new beginnings, but it also signals the beginning of tax season. Before April 15 approaches, be sure to have your paperwork in order so you can maximize your returns and take advantage of these great homeowner tax breaks:
1. Deduct the interest that you pay at settlement on mortgages up to $1 million.
2. If you paid points on your mortgage, these are also deductable, even if you have refinanced.
3. In most cases, you can deduct your state and local property taxes. If you are holding the money in escrow, there are some regulations on this.
4. Do you remember all of the money you put into your previous home in order to sell? That money can also be deducted.
5. If you work from home or part of your home is used for your business, enjoy a tax break by claiming a deduction based on the related costs.
6. What about the premiums paid on your PMI insurance? Those are also deductable as long as your gross household income does not exceed $100,000.
7. Loans taken out by homeowners in order to improve the value of their home also qualify.
8. Related to that idea, if you have taken out a loan for home construction, deductions are available.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Troy MI short sales, foreclosures and working with home buyers and sellers with Oakland County luxury homes. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.