5 Tax Write Offs For Homeowners

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Becoming a homeowner is an exciting accomplishment, it can also be a rather expensive one. Fortunately, decorating a new home and getting settled in a fresh environment aren’t the only benefits. There are many financial benefits that come along with becoming a new homeowner, among them the tax write-offs available to you. Here are five tax write-offs available to homeowners.

 

Energy Efficient Upgrades

Everyone is “going green,” so if you are jumping on the bandwagon, you’re eligible for a tax write-off. If you have installed or repaired energy efficient windows, appliances, etc., you are eligible for a tax write-off of 10% of the total bill, or up to $500 in credit.

 

Home-Office Deduction

In the “age of mobile” many people work from home. If you are among those people, you may be eligible for the home-office deduction. To qualify, you need to primarily work from your home office, and/or see clients regularly.

 

Presidentially Declared Disaster

If there was a presidentially declared disaster and you were affected by it, you may be eligible for another tax deduction. This will also help you to pay of repair debts that may have incurred because of the disaster.

 

Moving Expenses

If you have taken a new job, and had to move for the cause, you may be eligible for a write-off. If you had to move more than 50 miles for you new job, you can qualify for a write-off for moving your family and household goods.

 

Rental Income

If there is a major event in your area – sporting event, political event, etc. – and you rent your home out to a stranger for fourteen days or fewer during any given year, the rental income is tax-free, regardless of how much your annual salary is.

 

For more information on upgrades available to homeowners, visit here.

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