Tax Breaks for Homebuyers and Homeowners

Tax day was just over a month ago, and if you are a first-time homeowner, chances are high that you didn’t take full advantage of the tax breaks available to you. With that in mind, here are four tax breaks that homeowners can take advantage of going forward.

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If you work from home, or run a business from your home, this is definitely among the best major tax breaks for homeowners you should take advantage of. However, according to Fool.com of the 26 million Americans that work remotely, only 3.4 million claim a home office deduction on their tax return.

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Tax breaks ease the cost of mortgage. Buying a home is when you begin building equity in an investment instead of paying rent. And Uncle Sam is there to help ease the pain of high mortgage payments. The tax deductions now available to you as a homeowner will reduce your tax bill substantially.

If the over-65 or disabled person does establish a homestead exemption on a different homestead, then when the tax assessor calculates taxes on the sold home for the year, the assessor will prorate the taxes to reflect the over-65 exemption or disability for only the portion of the year that the over-65 or disabled person owned it.

Owning a home offers lots of tax breaks. Here are homeowner expenses you can deduct on Schedule A — and some you can’t. And more tips to get the most tax advantages out of your new property.

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You must be first-time homebuyers unless the home you’re buying is in a federally designated targeted area or you’re a veteran qualifying under the heroes earning assistance and Relief Tax Act (the HEART Act) of 2008. You must live in the property you’re purchasing for the entire duration of the loan and must move in within 60 days of closing.

Finding ways and means to accumulate the extra cash might appear quite elusive. But a number of tax credits and tax breaks options have been designed to make it easier for buyers to buy their first.

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