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Tax Deductions for Home Owners

Published on Nov 18, 2015

Tax Deductions for Homeowners 2014

There are tax advantages to home ownership. Tax deductions for homeowners have been in place for generations, because owning a home is generally considered to encourage better neighborhoods and good citizenship in many ways. Although the details change periodically, the basic tax deductions and benefits for homeowners who itemize deductions are typically these:

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Tax Deductions for Home Owners

There are tax advantages to home ownership. Tax deductions for homeowners have been in place for generations, because owning a home is generally considered to encourage better neighborhoods and good citizenship in many ways. Although the details change periodically, the basic tax deductions and benefits for homeowners who itemize deductions are typically these:
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1. MID - Mortgage Interest Deduction

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Mortgage Interest is Deductible

  • Up to $1 milion
  • Your Main Home & Second Home...
  • Can be your Boat or RV
  • If they include a Kitchen, Bed, and Head
  • See IRS Pub. 936 for Details
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2. Private Mortgage Insurance

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PMI:
When the downpayment is less than 20%, there is usually Private Mortgage Insurance, which is deductible for incomes less than 100,000.

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3. Points and Origination

If you purchased a home or refinanced in 2014.
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Fees appear on lines 801 and 802 of your HUD-1 Settlement Sheet

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4. home improvement loan interest

including: HELOC, Historic Home renovation
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5. Capital Gains

under $250,000 for individuals, $500,000 filing jointly
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Read more about Capital Gains and
Selling Real Estate
from Bill Gassett,
Greater Metrowest MS
Real Estate

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6. Moving Expenses

If you Relocated more than 50 miles for a job
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7. The cost of selling your home

fees, improvements, marketing, commissions
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8. home office

a simplified option is available
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9. energy efficient repairs & upgrades

may be deductable
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10. property Tax

  
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11. Mortgage Debt forgiveness

the Act has been extended through 2014
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An underwater homeowner who short sells their home does not owe taxes on the amount of debt they were forgiven.

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12. Casualty loss

Due to Disaster
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Read more on our website

www.frederickrealestateonline.com
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Frederick Maryland
Real Estate Agents

Chris & Karen Highland

Haiku Deck Pro User
http://frederickrealestateonline.com