Tax benefits for home owners
Is tax break applicable for a homeowner? • The tax code keeps on changing and many have the doubts of the tax break for being a house owner. • On the bright side, there are some advantages when you are a homeowner. • Get to know a few advantages of being a homeowner
Mortgage interest • Deduction of mortgage interest can be one of the most significant advantages of being a homeowner. • The homeowner can claim any deduction that they have paid on mortgages for building or even for the mortgage taken for home reconstruction or improvements. • In case of purchase or rehabilitating a home with $1 million of debt incurred for purchase, some tax break is possible with TCJA.
State and local tax deduction • Certain states do have a separate tax system that imposes taxes on property which you own. • Some of the local taxes imposed on a property are deductible under federal tax returns. • The maximum deduction is considered up to $10,000 in some states.
Home office plans • One clever strategy is converting your home into an office if you are self-employed. • That business place conversion could claim home office deduction which allows that portion of your home property tax to get under the belt of a business expense. • Be clear with paper works when you are renovating home space as an office and get help from tax professionals.
• O’Connor has plenty of experience when it comes to protesting taxes for homeowners.
Why O’Connor?
• We have separate residential tax appealing strategies that make us #1 property tax firms in the county. • You need not pay a single penny unless your taxes are reduced. • O’Connor gives you far more benefits when you enroll with us.
Thank you! For any queries visit www.cutmytaxes .com