New Home, New Tax Breaks

April 5, 2012 by

New house keys, check. New hanging basket for the front porch, check. New homeownership tax deductions, check.  You’ve signed on the dotted line for your next American Dream, and you’ve worked really hard to get there.  Maybe you’ve bought this dream home for your retirement years, or maybe you’ve been transferred here as a part of the growing Savannah-area economy, but regardless — as you get settled in your new abode, don’t forget the tax deductions that you receive.

You can claim a variety of home-related expenses to lessen your tax bill as noted in a recent news articles from the Associated Press, “Homeownership can translate into tax savings” and  Inman News “Top 5 Tax breaks for homeowners.” Tax benefits do not end with mortgage interest deductions. So, before you file your federal return, browse this list of tax benefits that may save you some extra dough!

  • Property tax deductions:Deduct 100% of the property taxes on your primary home that you’ve paid to your state and/or local taxing agency.
  • Closing-cost deductions. Discount points and origination fees paid to your mortgage lender and/or broker at closing are frequently deductible. There are rules so make sure you get it right – check out  Internal Revenue Service Publication 530.
  • Energy Efficient Home Improvements: As a homeowner you can now claim credits for your energy efficient heat pumps and furnaces as well as exterior door and window treatments.

With so many tax advantages available, it has never been easier to save on your tax return and have some extra cash! Read these articles in full below and start saving!

Inman News: Top 5 Tax breaks for homeowners
The Associated Press: Homeownership can translate into tax savings