On January 19th the IRS officially opened up the tax season and is now accepting 2015 tax returns! It may not be the most exciting time of the year, but there can be some benefits to filing your tax returns, especially if you are a homeowner. It was rumored that many home-ownership tax deductions were going to be done away with, but in mid-December, Congress passed the Protecting Americans from Tax Hikes Act of 2015.
Items you can still deduct thanks to the Act:
- Mortgage Interest
- Property Taxes
- Private Mortgage Insurance – *extra tip* you may even be able to deduct PMI for a second property (as long as it is not a rental unit)
- Did you become a homeowner in 2015? Look at your closing documents to find things like your mortgage points or loan origination fees – both of which are tax deductible!
- Do you work from a home office? Some home office items can be included as well.
- Did you make energy efficient upgrades to your home? Maybe new storm doors, energy-efficient windows, insulation, air-conditioning and/or heating systems? You may be eligible for the energy credit on your tax returns
Still not sure what you can or cannot deduct for this year? check out the IRS tax information for homeowners guide here.
If you get a big tax return this year, using it on home improvements can be a great investment!
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