Tax Tips for Home Owners

One big difference from renting and owning your own home are the tax benefits! We could all use more tax breaks, no?

1. Mortgage Interest – Every month you pay in to cover your principle, interest, insurance, and taxes (see tax benefit #2). Keep track of your interest amount! Use that as an itemized deduction.

2. Property Taxes – You can deduct up to a certain amount each year of your property taxes. As of 2022 it’s $10,000!

3. Private Mortgage Insurance – Not all home owners will qualify for this – ask your lender or whomever you have a loan with.

4. Home Office – Not all home owners will qualify for this – where are my 1099’s independent contractors at? This is something you should look into and do your research on. 

5. HELOC  or Equity Line – Did you take one of these out to do a home reno, or just to have some extra funds? 

6. Energy Efficient Upgrades – Maybe it was a new furnace that had a special program going on? Or windows?   If you did some home renovations such as this – talk to your tax advisor! 

 

With all of these TALK TO YOUR TAX ADVISOR to see where you can qualify for some tax breaks. 

Home Owners, are you wanting to save some money on your taxes? Time to speak with your tax advisor to see if and where you can catch a tax break just by owning your own home! 

Elysian Realty is a local Real Estate Brokerage with Expert local Realtors located in Green Bay, WI : De Pere, WI : Pulaski, WI : Oconto Falls, WI : Appleton, WI : Neenah, WI : Oshkosh, WI : Kewaunee, WI, Algoma, WI and more!