5 big tax breaks for homeowners
Casualty losses
If you suffered property damage and weren’t reimbursed by an insurance company for repairs, you may be eligible for a big deduction.
Property taxes
State taxes levied on your primary residence is deductible, too, and can add up in a hurry depending on where you live.
Energy credits
“If you make expenditures that improve the energy efficiency of your home, you may qualify for a tax credit,” said Neil Krishnaswamy, a certified financial planner at Exencial Wealth Advisors in Frisco, Texas.
Points
If you recently purchased a home but paid “points” to the bank in order to get a better rate, that expense is tax deductible in the year you paid them.
Mortgage interest
The interest paid on a home loan is typically the largest potential deduction for middle-class Americans, said Greene-Lewis.
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