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Owning Your Home Means Tax Breaks

Being a home owner has its advantages, and never is that more clear than during tax season. Owning a home can lead to all kinds of deductions that you might not have known about or previously considered. For example, did you know that you can take the interest on your mortgage as a tax deduction?

While tax day is still slightly over the horizon, now is the time to gather up the documents to make sure you aren’t missing out on any deductions. I found a good article on the topic that I’d like to share with you. But first, here are some documents you should keep an eye out for.

  • Mortgage Interest Statement – IRS Form 1098
  • Property Tax Statements
  • Uniform Settlement Statement (HUD-1)
  • Moving Expense Receipts
  • Cancellation of Debt Statement – IRS Form 1099
  • Utility statements for home office
  • Income and Expense statements from rental properties
  • Contractor receipts from energy efficient home improvements
  • Mortgage Credit Certificate (MCC)

Read the full article on how to full take advantage of your homeownership this tax season.

Via Trulia.com

Technically speaking, April 15th is tax day. But for Americans who expect a refund – including many homeowners who want to cash in on real estate-related tax perks – filing sooner holds the promise of getting that check in hand, stat.

If you count yourself in that number, here’s a handy guide for 9 pieces of paper you should be sure to round up as you prepare to file, in order to reap every penny of the tax rewards you’ve earned by virtue of owning a home.