There are many fees and expenses associated with owning a home.
The mortgage interest deduction helps many new homeowners save tons of money especially in the early years of their home loan.
The mortgage interest deduction can be claimed on primary and secondary homes when your home is less than a million dollars and you itemize your tax return.
Remodeling projects can often also be deducted.
Improving your home can also be a tax write-off. If you've added a room addition, installed a new roof, or made general improvements to increase the value of your home, all of these things can help to reduce your tax liability. These types of home improvements can also increase the value of your home when it comes time to sell!
Property taxes paid are deductible for as long as you own the home.
Taxman A song written by George Harrison...Harrison declared "There's always a taxman."
Minimizing your tax liability is the goal.
Compile all of your home's documents and receipts from the previous year and bring them into your tax accountant for advice at tax time to minimize your tax liability.