Name: Tax Breaks Every New Homeowner Should Know About
Uploaded: 2017-01-12
Duration: 54 s
Description: Before filing your taxes

As a homeowner, you're eligible for new tax breaks. Make sure you've checked off these deductions before filing your return this year. One of the biggest homeowner tax breaks comes from mortgage interest. You can deduct the interest you pay on your mortgage or home improvements on the first $ 1 million of debt. In January, your lender will send you form 1098 with the amount you are eligible to deduct. You can also deduct local proper taxes. If you pay through an escrow account, the amount to deduct will be on the form sent by your lender. If you pay directly to your city, check your records for the amount you paid. If you bought an energy efficient home or made some green improvements to your home, you can deduct these costs This includes solar panels, wind turbines, solar water heaters, and fuel cell systems. Head to Energy. gov to find energy- savings tax credits in your state. For more tax tips, visit gobankingrates. com. [ MUSIC ]