There are many tax benefits when you’re a home owner. Did you buy a home in 2016? If so, there are a few different tax deductions you could qualify for. Here’s a break-down of some options.
If you Moved for Work
If you moved for your job, there are a few tax deductions available to you specifically. But the only way your move can count, is if your job location moved by 50 miles or more.
Time at new location: In order to qualify, you must have worked at your new location for at least 39 weeks within the year after you moved. You can have already met this requirement, or plan to in 2017.
Track all expenses: Make sure to keep track of all the costs that went into moving, and keep your receipts. Unless your company helped foot the bill, these expenses can be tax deductible!
CLICK HERE to see more details on tax deductions from moving for a job.
Thinking of moving this year so you can get these tax deductions in 2017? Check out these Gilbert homes for sale!
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If you Moved for Another Reason
There are several reasons to move, many of them not being related to work. Maybe you wanted a new neighborhood. Maybe you needed a change of scenery or better schools for your kids. Whatever your reasoning, there are still tax deductions available for you homeowners.
Mortgage Interest: Whatever you pay in interest can be tax deductible, and for you new homeowners, most of your payments are actually interest.
Mortgage Insurance and Taxes: Property taxes and your PMI can be itemized on your taxes and can be tax-deductible.
Energy Efficient: Making upgrades to go more energy-efficient can also be tax deductible. Although not all costs qualify, there are many that do.
We definitely didn’t touch on all possibilities here, but it’s a good place to start. Be sure to talk to your accountant about different tax benefits you may have available. If you’re willing to put in a little bit of extra time to really look at what options you have, you could save yourself some money this tax season!
If you’re ready to buy a home so you can have these tax deduction options next year, give us a call! 480-415-5233
Check out these articles for some more info on tax options for homeowners:
USA Today: “Six Important Tax Tips for Homeowners”
Bankrate: “Home Sweet Homeowner Tax Breaks”
HowStuffWorks Money: “10 Tax Tips for Homeowners”
If you want to learn about some financing options, or if you’re looking to get pre-qualified, contact Parker Turk at Sun American Mortgage Company: 602-616-3774.