Three Lesser Known Tax Breaks Homeowners Most Frequently MissBy John Voket
Before too long, homeowners will start thinking about preparing to file annual income tax returns. So we went looking for some of the latest advice on the types of deductions qualified homeowners can take on their 2015 taxes.
The Congressional Research Service (CRS), reports that in 2012 Americans took $68.5 billion in mortgage interest deductions (MID) - saving around $1,900 on average for American homeowners. Americantaxservice.org says most homeowners can write off all mortgage interest up to $1.1 million for primary and secondary residences, as well as property taxes. The site also reminds renters that credits for property taxes and other tax breaks are offered to in 21 states and the District of Columbia. Another site, mortgagemaster.com, reminds filers that mortgage interest and property taxes are not the only tax savings homeowners can enjoy. That site also recommends homeowners look to see if they qualify for other deductions including:
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