Julia Voth Instagram – Stop giving the government so much money. These are just 5 Tax deduction you could take advantage of. (Number 5 is my favorite.)
1. Mortgage Interest Deduction
That hefty mortgage payment? Turns out, the interest you pay on it can be deducted (up to $750,000 in mortgage debt, or $375,000 if you’re married and filing separately). This is especially handy in the early years when most of your payment is interest. Cheers to adulting!
2. Property Tax Deduction
Yes, property taxes can be painful, but at least Uncle Sam lets you write off a portion of them from your federal income taxes. The exact amount depends on your local tax rates, but hey—every little bit helps!
3. Home Office Deduction
Got a dedicated space for your business empire (or just Zoom calls in pajama bottoms)? If you use part of your home exclusively for work, you might be able to deduct expenses like utilities, internet, and even some maintenance costs.
4. Energy-Efficient Home Improvements
Thinking about upgrading to solar panels, energy-efficient windows, or fancy new doors? Not only will you save on energy bills, but you may also qualify for valuable tax credits and rebates. Go green and save some green!
5. Closing Costs & Mortgage Points
Just bought a home? You might be able to deduct certain closing costs, including mortgage points (a fancy way of saying prepaid interest). It’s like a little housewarming gift from the tax code.
✨If you’re ready to start building equity (and scoring some deductions), let’s chat!✨
Julia Zonshine
REALTOR®
Compass | @rsrrealestate
[email protected]
DRE# 02246696
#HomeSweetHome #taxseason #taxtips #homeownershiptaxbenefits #homeownertips #losangelesrealestate #taxdeductions | Posted on 19/Feb/2025 05:52:29
