It’s almost tax time again. As a West Knoxville homeowner, there are many different tax breaks to take advantage of. If you’re like any West Knoxville homeowner, you’re likely wanting to take advantage of any tax break the IRS has to offer. Here are 4 essential tax breaks for West Knoxville homeowners.
Any West Knoxville homeowner is able to deduct mortgage interest on their taxes, regardless of whether or not the home is a primary of secondary residence. This has been a popular tax break for homeowners for many years. It is particularly important for those West Knoxville homeowners that are still in the early years of their home loan, since a large portion of mortgage payments goes towards interest.
Another thing that West Knoxville homeowners are able to deduct on their taxes is mortgage points. So long as you can meet certain requirements, you will be able to deduct the full amount of mortgage points on your tax return for that year.
West Knoxville homeowners are also able to write off property taxes. Both county and city property taxes are able to be be written off on your taxes. For those homeowners that have an escrow account that takes care of paying their property taxes, your lender will provide you with your annual statement of what was paid for your taxes this past year.
Finally, certain improvements that were made to your West Knoxville home last year can also be eligible for a tax break. Generally, these home improvements need to be made to increase your homes value in order to qualify for a tax deduction.
If you are a West Knoxville homeowner, be sure to consult with a tax professional about what tax breaks you could qualify for. There are many great tax breaks for being a homeowner.
Are you thinking about buying or selling a Knoxville home this year? If there is anyway Knoxville Home Team can assist you, please let us know, you can give Rick at call at 865-696-9002 or send an email to [email protected]. Kati can be contacted at 865-392-5880 or via email at [email protected].