Max Out Your Homeowner's Tax Deductions
One of the many perks of homeownership is the annual mortgage interest deduction. If this is your first year filing as a homeowner, here are some tips to prepare this year's federal return.
Tax filing software or your accountant will help you identify your deductions, including these:
- You worked remotely in a home office (check out the Schedule C form, and you may claim even more deductions).
- If your home was under construction.
- You received assistance from the Hardest Hit Fund or HUD's Emergency Homeowners' Loan Program.
Visit the IRS online at IRS.gov. Check out Publication 936, which explains mortgage interest deductions in detail. You can also file your taxes free of charge, and check when your refund's scheduled to arrive.5
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