Tax benefits for home owners

Tax benefits for home owners

Is tax break applicable for a homeowner?

• The tax code keeps on changing and many have the doubts of the tax break for being a house owner.

• On the bright side, there are some advantages when you are a homeowner.

• Get to know a few advantages of being a homeowner

Mortgage interest • Deduction of mortgage interest can be one of the most significant advantages of being a homeowner.

• The homeowner can claim any deduction that they have paid on mortgages for building or even for the mortgage taken for home reconstruction or improvements.

• In case of purchase or rehabilitating a home with $1 million of debt incurred for purchase, some tax break is possible with TCJA.

State and local tax deduction • Certain states do have a separate tax system that imposes taxes on property which you own.

• Some of the local taxes imposed on a property are deductible under federal tax returns.

• The maximum deduction is considered up to $10,000 in some states.

Home office plans • One clever strategy is converting your home into an office if you are self-employed.

• That business place conversion could claim home office deduction which allows that portion of your home property tax to get under the belt of a business expense.

• Be clear with paper works when you are renovating home space as an office and get help from tax professionals.

• O’Connor has plenty of experience when it comes to protesting taxes for homeowners.

Why O’Connor?

• We have separate residential tax appealing strategies that make us #1 property tax firms in the county.

• You need not pay a single penny unless your taxes are reduced.

• O’Connor gives you far more benefits when you enroll with us.

Thank you!

For any queries visit www.cutmytaxes .com