Karen Speaks

Tax Attorney Utah

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7 Tax Breaks for Home Owners

Owning a home provides a lot of advantages that’s why it is considered as an American dream by many. Becoming a home owner comes with a lot of tax benefits that renters usually do not have. If you are just renting your home, chances are that you are just claiming the standard deduction since all the tax deductible expenses you incurred are probably not enough to warrant itemizing your tax return. This is not the case with home ownership since a lot of items would be deductible and this is what we are going to discuss here.

The most common tax breaks are in the form of tax deductions and tax credits. More than likely, tax deductions will be listed in your Schedule A. There are also tax breaks for people who need help with mortgage foreclosure

Mortgage Interest Paid on Home

The mortgage interest you paid on your home is usually the biggest tax deduction that you can avail. The items included with the home mortgage interest are anything you paid for your first mortgage, the second mortgage, home equity loans.. The mortgage interest expense is limited to a certain amount depending on the loan amount and tax filing status..

Points Paid

Points are charges that you usually incur so that you can get a reduced interest rate on your loans. In other words, points may also mean discount on loans or loan origination fees. In general, you cannot claim a deduction for the full amount of the points that you paid unless you just purchased the house.. For points paid on refinance home, you have to deduct this evenly for the life of the loan.

Qualified PMI

Qualified Mortgage Insurance premium are treated as mortgage interest and can be reported on Schedule A. This must be made in connection with your home purchase debt. You must have signed the insurance contract after the year 2006 for it to be deductible.

Real Estate Property Tax

Real estate Property tax are also deductible on your tax return but for it to be deductible, it must be based on the assessed value of the real property and assessed uniformly against all property under the jurisdiction of the taxing agency.

Residential Energy Efficient Tax Credit

When you purchase any qualified energy efficiency improvement items for your home such as exterior doors, insulation materials, solar powered equipment, energy efficient roof, heat pump water heaters, natural gas heaters, water boilers, biomass fuel, etc, you may be able to claim can claim a tax credit for those items. {Usually, the credit is equivalent to 30% of the costs paid but the credit is limited to only $1,500

Mortgage Credit

Although the first-time home buyers tax credit expired, one credit that most homebuyers overlook is the mortgage interest credit.In general, you can claim a credit of up to thirty percent of the cost paid but the credit is limited to only $1,500. This credit are usually administered by your local agency ( the city, county or state) and is normally issued in the form of a mortgage credit certificate (MCC) . There are strict requirements such as being a first time home buyer, low to middle income family, must live in the house for a number of years, etc. The credit is a set percentage stated on the MCC times the mortgage interest expense paid

In addition to the above tax breaks, home owners may be able to deduct additional non-home related expenses such as donations, casualty losses, job expenses, miscellaneous expenses, etc. That is why home ownership, in most cases, is still considered the biggest tax breaks for a lot of individuals.