Owning a Home Can Mean Big Savings!

Here are 6 tax deductions you MIGHT be missing:

1. Mortgage Interest ( + ): Check your Mortgage Income Statement (Form 1098) for the total amount paid.
2. Mortgage Points ( + ): If you bought a home this current tax year, your closing statement may contain valuable information for deductions like points.
3. Property Taxes (️ + ): Look at your annual tax statement or Form 1098.

Thinking Green Saves Green!

1. Energy Efficiency Credits ( + ): 2 Types

• Residential Clean Energy Credit: Up to 30% back for solar, wind, geothermal, etc.
• Energy Home Improvement Credit: You can get a flat tax credit of $50-$300 for installing items that are Energy Star certified (furnaces, water heaters, etc.). You can receive a 10% tax credit for the cost of qualified energy efficient improvements such as adding insulation or replacing windows. KEEP YOUR RECEIPTS!

Working from Home Perks! 

1. Home Office Exemption: Deduct a portion of your home expenses if you're self-employed.

Selling Your Home? +

1. Capital Gains Exclusion: Live in your home for 2+ years (out of the last 5) and potentially avoid capital gains tax. Documenting the sale price and receipts for property improvements can help reduce exposure as well.

Need Help?

Contact Vanessa Kane for refinancing or buying a new home! ☎️

Vanessa Kane | Senior Loan Officer

Movement Mortgage

Phone | 339.236.5162

Email | Vanessa.Kane@movement.com

Website

NMLS 287711