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Useful Tax Tips For Homeowners

One of the best ways to maximize your returns when it comes to being a taxpayer and a homeowner is to work with an Atlanta tax lawyer.

A home is an important aspect of overall taxes because it is a source for major tax deductions. Surprisingly, many people each year let potential tax deductions pass them right by.

That is why working with an Atlanta tax attorney is recommended. Taking full advantage of all the tax deductions for homeowners have to offer can mean substantial savings for taxpayers.

Largest Home-Related Tax Deductions

There are several key tax benefits that should be considered with regard to being a homeowner.

For example, mortgage interest is considered to be one of the largest home-related tax deductions available today. In most cases, homeowners can deduct interest payments on their primary home or even a secondary home.

This is usually easy to do with homes where the mortgage debt is under $1 million. Further, married couples can take advantage of this deduction whether filing independently or jointly.

Condominiums And Even Houseboats

As a note, single filers as opposed to married couples are typically limited to $500,000 mortgage value limits. What is unique about mortgage interest deductions is that they apply to just about everything that meets the definition of requirements for basic living space.

Mobile homes, condominiums and even houseboats can be included when they satisfy the definition of living space that provides at least one sleeping area, a toilet and a kitchen.

The IRS offers further details in this regard on the main IRS website.

IRS Tax Help in Atlanta For Those Who Own A Home

In addition, homeowners can deduct points that were paid at closing. Points are intended to lower an interest rate on a mortgage and are deductible.

Homeowner should understand that these deductions are amortized over the entire life of the loan. That said there are situations where a homeowner may be able to deduct the full amount of points paid in the year of purchase.

Property taxes can also be deducted from your tax return. Consulting with Atlanta IRS tax help professional is the best way to know for sure that you are maximizing your homeowner tax deductions.

Atlanta Tax Help For Homeowners

Finally, mortgage interest credit can also be deducted when an individual qualifies for low income.

Your attorney can help you in this regard. Home equity loans or money that is borrowed against the equity in your home either through a loan or line of credit allows for the deduction of interest from annual taxes.

It should be noted that there are stipulations in this regard in how the loan is actually used. The value of the home and the amount of the loan are also taken into account.

Talk with your Atlanta tax attorney to ensure that you always take all deductions possible as a homeowner.

Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer today to learn more.

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