Paying your income taxes each year leaves your wallet a bit thin? There may be money hiding in your home that lessens your tax burden. Here are four places to look: 1. Home-Office Deduction If you work from home, you could qualify for a home-office deduction. Taking the deduction can be a bit complicated; so many people who qualify don't claim the exemption. An estimated 26 million Americans have home offices, but only 3.4 million claim them on their tax return. Perhaps that's why the Internal … [Read more...]
How to Buy a Home if You Owe Taxes
If you're considering buying a home while dealing with unpaid taxes, you might be wondering how your tax debt affects your mortgage approval. The good news is, it is possible to buy a home even if you owe taxes. Here’s what you need to know about how owing taxes can impact your homebuying process. How Owing the IRS Affects Buying a Home You might not need to wait until your tax debt is completely paid off to apply for a mortgage. It’s important to speak with a loan officer who can … [Read more...]
Tax Benefits and Deductions for Homeowners
Owning a home isn’t just a significant milestone—it can also bring a variety of financial perks, especially when it comes to taxes. Many homeowners are eligible for tax deductions and credits that can make a big difference when filing their taxes. These benefits can help reduce your taxable income, saving you money. Here’s a breakdown of the tax advantages that come with homeownership. 1. Mortgage Interest Deduction One of the most significant tax benefits of homeownership is … [Read more...]
Understanding the Tax Implications and Financial Benefits of Homeownership
Taxes & Homeownership This year is flying by as we head into fall. Many times homeowners wait until the last minute to research taxes and deductions. As tax season is soon approaching, it's important for homeowners to understand the various forms and documents that influence their financial obligations. One key document is the IRS Form 1098, Mortgage Interest Statement. We will explain what the 1098 form is, its significance for tax filing, and how owning a home can potentially benefit you … [Read more...]
