Tampa Homeowners, Don't Miss Out On These Tax Breaks!

By Corrie Forcet, Realtor® of The Forcet Group | KW Suburban Tampa

It would be great if someone shared all of the tax break secrets with us at closing. However, millions of homeowners file their taxes annually without making proper deductions or writing off legitimate homeowner expenses. We need to end this trend TODAY. Tax season is upon us, and before you send off your forms to the IRS, make sure you have covered all of your bases.

1.) Mortgage Interest:

Homeowners who itemize deductions can reduce their taxable income by deducting interest paid on a home mortgage.

2.) Property Taxes:

Homeowners can also deduct the property taxes they pay on their homes

3.) Home Upgrade:

From energy efficiency to improvements to age in place, upgrading a home has tax breaks.

4.) Home Office:

Self-Employed homeowners working from home can deduct $5 per square foot in office space

5.) PMI:

You can deduct your private mortgage insurance payments on your itemized tax return.

6.) Homestead Exemption on Property Taxes:

While not an income tax deduction, you can receive a homestead exemption on property taxes for $50,000 if you recently purchased your home. This decreases the property's taxable value. Check with your realtor to find out the deadlines for submission.

Filing taxes can get tricky, especially for homeowners. Do not feel like you have to approach this task alone. We are here to help! Reach out if you'd like more insights.