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b"The Real Estate Show broadcasts it Midweek Report with Eric Willner discussing tax breaks for #homeowners. Owning #realestate, even as a homeowner, can unlock some of the biggest potential #tax breaks most families have access to. It's tax season and it's important to be aware of them, and it's not just the home related to tax breaks that you get access to, either. Getting enough tax qualified expenses can top the #standarddeduction and push you over into itemizing and that will allow you to deduct so many other expenses that you wouldn't be able to otherwise. So it's very important to raise this conversation with your tax professional. Here are five valuable deductions that you may be able to claim: #mortgageinterest, the interest paid on a home loan is typically the largest potential deduction for middle-class Americans. For example, on a 30 year #mortgage of $300,000 at current rates, you could pay more than $12,000 in #interest payments your first year. If you own a second home, you can also deduct the mortgage interest on that. Points may also be deductible if you recently purchased a home and pay #points to the #bank in order to get a better rate. That expense is deductible in the year you paid it, which is an additional advantage on top of a lower rate for the long run. Points paid on a #refinance or home equity loan may also be deductible, but must be spread over the life of the loan instead of one year's return. Energy credits are also a potential tax break for homeowners. If you make expenditures that improve the energy efficiency of your home, you may qualify for a tax credit. These items include #insulation, windows, doors and roofs. A tax credit is even better than a deduction because they are dollar for dollar savings instead of simply saving you whatever tax you would have paid. Casualty losses that you suffered on the property and were not reimbursed by an insurance company may also be eligible for a big deduction. Fifth, state property taxes on your primary residence are #deductible as well. These can add up in a hurry depending on where you live. Deducting this big local tax bill can save you a lot on your federal tax return. Learn more and learn how by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o'clock on WSBR AM740. Also listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow #TheRealEstateShow, #EricWillner,
#WSBR, #AM740, #FM 96.9, FM 103.9, #TheRealEstateLife, #speakingempire, #GKIC, #makeamericagreatagain, #propertymanagement, #rent, #camerondunlap
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