Besides the more obvious deductions for mortgage interest and property taxes there are other ways you may be able to save money. Always talk with a professional to make sure that the deductions apply to you and that you know how to file correctly. Remember - it can't hurt to ask!
Eligible deductions for homeowners:
- Mortgage Interest
- Property Taxes
- Private Mortgage Insurance
- Medical Improvements (such as ramps or lifts)
- Dedicated Home Office Space
- Energy Efficient Home Improvements
If you've sold a home in the last year you may be eligible for deductions from that as well. Talk with a tax professional and enjoy even more benefits of owning a home!