Homeowners, Don't File Your Taxes Till You Check All These Tax Breaks for Your House

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Homeowners, Don't File Your Taxes Till You Check All These Tax Breaks for Your House

//business-finance.news-articles.net/content/202 .. u-check-all-these-tax-breaks-for-your-house.html

Published in Business and Finance on Wednesday, February 5th 2025 at 16:00 GMT by CNET
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

When you file your tax return, you must decide whether to take the standard deduction -- $14,600 for single tax filers, $29,200 for joint married filers or $21,900 for heads of household or married filing separately -- or itemize deductions, such as gifts to charity and state taxes.

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The article from CNET discusses various tax breaks available to homeowners that can significantly reduce their tax liability. It highlights key deductions such as mortgage interest, which allows homeowners to deduct interest paid on up to $750,000 of mortgage debt for loans taken out after December 15, 2017. Other notable deductions include property taxes, with a cap at $10,000 when combined with state and local taxes (SALT), and home equity loan interest if used for home improvements. The article also mentions the potential for deducting points paid at closing, energy-efficient home improvements, and even the costs associated with a home office if it's used regularly and exclusively for business. Additionally, it covers less common but valuable credits like the Residential Energy Credit for installing energy-efficient systems. Homeowners are encouraged to keep meticulous records and possibly consult with a tax professional to ensure they maximize these benefits.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/taxes/homeowners-dont-file-your-taxes-till-you-check-all-these-tax-breaks-for-your-house/ ]