Did You Know About These 7 Tax Deductions

Dated: April 6 2015

Views: 251

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Tax season is upon us. Speak with your accountant or tax preparer to determine if you are eligible for any of these deductions. Every penny helps, right?

  1. PMI - private mortgage insurance. If you have an FHA loan or a conventional where your downpayment was less than 20% of the purchase price you likely pay PMI.

  2. Mortgage interest - if you have a mortgage you definitely pay interest! Over $600 in annual interest qualifies.

  3. Local real estate taxes - your city, state and possibly even foreign real estate taxes may be deductible on your federal tax return. Depending on your income there may even be additional city or state deductions.

  4. Losses - property damage by weather, fire or theft that equals more than 10% of your gross income can be used as a deduction.

  5. Renovations -any renovations that were completed can be counted as an investment towards reducing your taxes, particularly if your profit is over 250k

  6. Sold your home - did you pay a real estate agent a commission? What about an attorney? Those costs or legal fees count!

  7. Moving expenses - did you move more than 50 miles for a new job? Your moving expenses may qualify.

I'm not a tax professional so please contacts yours to see if you can benefit from any of these great deductions. Need a tax referral? We have some fantastic professionals!

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Danielle Sharp

Danielle is broker/owner of Sharp Homes Realty. A Detroit native, she escaped the cold, gray winters of Michigan in 2007. Community involvement has been a high priority while building a customer centr....

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