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Tax Tips for Homeowners

Tax Tips for Homeowners It’s everyone’s favorite time of year again-tax time! This is my annual column about tax deductions for homeowners so if you are a procrastinator and have not yet completed your taxes, here are some deductions you can use. Let me start by saying that you should always check with your accountant or tax preparer to make sure you can use these deductions as everyone’s tax situation is different. I am just giving you the information on what deductions may be available to you. If you have a mortgage on your primary residence you may be able to deduct the interest portion of your mortgage payments. This can amount to a very large deduction for most people and is one of the benefits of being a homeowner. In most cases, you can also deduct your property taxes. Again, if you own a home in Freeport or Stephenson County your property taxes are a significant tax deduction. Both of these deductions are being debated in Washington as part of income tax reform but for this year, you can still deduct them from your taxes. If you purchased a new home in 2016, you may also be able to deduct your origination fee and any discount points you may have paid. Check with your tax preparer to see if you can qualify for these deductions. Also, if you have a home improvement loan or home equity line of credit (also known as HELOC) the interest on those payments may also be tax deductible. Making your home more energy efficient may also provide you with some tax deductions. Installing...

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