Thinking about buying a home this summer? Some costs may be deductible while others aren’t. To claim homeownership tax benefits, you must itemize deductions — which will save tax only if your total itemized deductions exceed your standard deduction. Deductible expenses generally include state and local property taxes and qualified mortgage interest (both subject to limits). But many common costs aren’t deductible. These include most closing costs, mortgage principal payments, homeowners insurance, homeowners association fees, utilities, repairs and improvements. Contact us to discuss your situation and how to maximize your available tax benefits.
