Owning a home comes with benefits in the form of tax credits and tax deductibles. It is important to consult a tax professional regarding these tax benefits for homeowners.
Tax credits for homeowners:
Tax deductibles for homeowners:
Overall tax credits and tax deductibles available to individuals:
Should you itemize your deductions or take the standard $6,350 deduction for individuals as of 2017? Tally your totals for mortgage interest, property taxes, points on mortgage, interest on HELOC, interest on home improvement loan, home office expenses, charitable donations, educational expenses, and medical expenses. Do the tallies exceed $6,350?
Consult with a tax professional to see how an itemized deduction based on your qualifying expense tallies could help decrease your annual tax bill.