Homeowners, Tax Credits and Deductions for Your House Can Give Your Tax Refund a Big Boost

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Homeowners, Tax Credits and Deductions for Your House Can Give Your Tax Refund a Big Boost

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Homeowners, Tax Credits and Deductions for Your House Can Give Your Tax Refund a Big Boost

//business-finance.news-articles.net/content/202 .. -house-can-give-your-tax-refund-a-big-boost.html

Published in Business and Finance on Monday, February 10th 2025 at 18:00 GMT by CNET
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Medical expenses can be a major tax deduction, but only if they go over 7.5% of your adjusted gross income, which is essentially your taxable income. Any home improvements -- safety bars, accessibility ramps, wider doorways, railings and lifts, for example -- related to medical conditions can be included in your tax deductions for medical expenses.

2025-02-10 196 x 110 / 7786 Bytes

The article from CNET discusses various tax credits and deductions available to homeowners that can significantly enhance their tax refunds. Key points include the mortgage interest deduction, which allows homeowners to deduct interest paid on up to $750,000 of mortgage debt for homes purchased after December 15, 2017, or $1 million for earlier purchases. Other deductions include property taxes, with a cap at $10,000 when combined with state and local taxes (SALT). Homeowners can also benefit from the energy-efficient home improvement credit, offering up to $3,200 for improvements like new windows, doors, or insulation. Additionally, there's a residential clean energy credit for installing solar panels or other renewable energy systems, which can cover 30% of the cost. The article also mentions potential deductions for home office expenses if used regularly and exclusively for business, and the possibility of deducting points paid at closing. Lastly, it advises homeowners to keep meticulous records of all home-related expenses to maximize these tax benefits.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/taxes/homeowners-tax-credits-and-deductions-for-your-house-can-give-your-tax-refund-a-big-boost/ ]