🏡✨ Attention new homeowners! Here are 8 key deductions and credits you need to know about for your tax return! Click on any card for more details and use the filters to find what applies to you.
🔑 Important reminders:
- **Standard vs. Itemized Deductions**: Most deductions require you to itemize on Schedule A. Many new homeowners exceed this threshold thanks to mortgage interest!
- **Tax Credits > Deductions**: Credits reduce your tax bill dollar-for-dollar, while deductions lower taxable income. Don’t miss out on energy efficiency credits if you’re making home upgrades!
- **Keep All Records**: Save those closing disclosures, Form 1098 from your lender, property tax bills, and receipts for home improvements. Good record-keeping pays off at tax time and when selling your home!
💡 Consider chatting with a tax pro or CPA to maximize your first-year homeowner benefits—it’s worth it as deductions can add up significantly!
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- Mortgage Interest Deductions
- Property Tax Deduction
- Mortgage Points Deduction
- Home Office Deduction
- Energy Efficient Home Improvement Credits
- Medical Necessary Home Improvements
#HomeownerTips #TaxDeductions #FirstTimeHomebuyer #TaxTime
