N@N

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

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/ ]