6 (Super Sweet) Tax Breaks For Homeowners
Looking for a break? Here are SIX tax breaks you can look forward to as a homeowner. 🏡😍
When January comes around, you'll be sent a 1098 from your mortgage provider showing you the total interest you paid through the year. That amount can be deducted on your taxes!
Homeowners can rake in serious cash renting out spare rooms. In the event that a roommate breaks the screen door (again), you can deduct repair expenses from the amount you earned in rent through the year!
While it's been capped at $10,000 since 2018, state and local property tax deductions are yet another reason to smile when you file.
Are you a stay-at-home blogger/vlogger/influencer extraordinaire? If you're self employed and work exclusively from home, you may be able to deduct the devices that fuel your home office.
Similar to Mortgage Interest, if you borrow against your home equity to go toward the home itself (eg. renovations), the interest you paid can be deducted as well!
Capital Gains from Your Home Sale - On the flipside, when it's time to sell your house you may be able to keep the profit from your sale - - tax-free!
Source: U.S. News & World Report