Tax Tips for Homeowners!
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Hi! Working on your taxes? Here’s some great tips for homeowners.
You can get some federal tax breaks for owning a home IF itemizing deductions on your 2021 tax return.
But that’s a bigger “if” than it used to be.
Although tax deductions for homeowners can add up to thousands of dollars, claiming them is worth the trouble only if all your itemized deductions exceed the IRS standard deduction.
The standard deduction for the 2021 tax year is:
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$25,100 for married couples filing jointly
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$12,550 for single filers
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$18,800 for heads of households
So what’s deductible?
1. Mortgage Interest
2. Home Office Expenses
3. Mortgage Insurance
4. Property Taxes
5. Home Improvements that are medically necessary: ramps, larger doorways, and handrails.
If you have questions, I am here to help and have several great CPA’s to assist you!