Homeowner Tax Breaks – There are several breaks when it comes to owning property. You can get a tax credit on much of your related expenses. There are also IRS homeowner incentives that you can write-off for energy efficient upgrades.The bad news is, to take full advantage of these IRS incentives, your paperwork will likely get more complicated. That means you’re not living on “EZ” Street anymore; you’ve moved to the 1040 long form and Schedule A, where you’ll have to detail your deductible expenses to get homeowner tax breaks.
For many homeowners, the effort of itemizing is well worth it at tax time. Some, however, might find that claiming the standard deduction remains their best move. How do you decide?
First, find your standard deduction amount, based on your filing status: $5,450 for taxpayers who are single or married but filing separately; $8,000 for heads of households; and $10,900 for married couples who file joint returns. Then compare it to the total expenses you can itemize and file using the method that gives you the larger deduction.
Showing posts with label Homeowner Tax Breaks. Show all posts
Showing posts with label Homeowner Tax Breaks. Show all posts
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