Well, 2018 tax day is just around the corner—and so are those refunds.
Have you given your returns a once-over to make sure you’ve covered all your bases and maximized your write-offs as a homeowner?
If not, there’s still time. Use this handy checklist to double-check your work before firing up TurboTax and hitting that submit button.
Homeowner Write-offs You Might Be Eligible for
Naturally, you want to leverage as many deductions as possible in order to lower your tax burden and maximize your refund. And as a homeowner, there just so happen to be plenty of deductions at your behest for 2018 tax day.
Here are some of the most common:
- Mortgage interest – You can deduct interest on up to $1 million in mortgage debt and this write-off can be spread across multiple mortgages if you own a second home or vacation property.
- Property taxes – Homeowners can deduct property taxes paid on their main residence and any other real estate they own.
- Moving expenses – If you or a family member is a military service member, you can write off money spent on truck rentals, storage space, moving supplies, gas, and other travel costs. If you’re not a military member, there are still chances you can deduct moving expenses, but you’ll have to meet very strict time, distance and job-related requirements
- Home office expenses – Do you work inside the home? If so, you can deduct costs for your office—including insurance, utilities, and even depreciation of the home. You may even be able to deduct this if you only use your home office for occasional projects or work tasks.
- Energy-efficient upgrades – Adding solar panels or eco-friendly appliances and systems may qualify you for certain deductions on your returns. Here’s a full list of what qualifies.
- Losses due to property damage, theft, or natural disaster – These need to be “sudden, unexpected, or unusual” losses and can range from the cost of a stolen TV to the complete replacement of your foundation due to a hurricane.
Study up on our blog on tax reform so you’re ready for changes in next year’s filings, and be sure to check in with your accountant or preferred tax professional for any specific questions or concerns regarding the 2018 tax season or your returns. Have questions about your mortgage or want to refinance in the new year? Give Embrace Home Loans a call.