#4 .  Using Your Home for Tax Deductions

Remember, tax laws can be complex and are constantly changing.  Consult with your professional tax advisor before filing any claims on your tax returns. 
Owning a home has its advantages when it comes to taxes, and they come in the form of deductions.  These tax deductions will lower your taxable income when filing your taxes, which means you keep more money in your bank account. 

Starting with the closing process, you are allowed to make deductions for any “points” you pay to reduce the interest rate on your loan.  A point is 1% of your loan amount.  In addition, the interest that you paid every month on your monthly mortgage bill is also a deductible, as well as your city, state, and county property taxes.

Another tax savings come into play when you have a qualifying home office.  This home office allows you to deduct a portion of your home expenses, such as heat/AC, electricity, etc.  Also, the Federal Government offers tax credits up to $2,000 when you repair to a home to make it more energy efficient, such as replacing old windows with double paned windows.

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