Ways to get more money back on taxes for homeowners
With a new year starting, it's time to think about filing your taxes.
A home is probably the biggest deduction you have and it can make the biggest impact.
Certified Public Accountant Daniel Doiron says you should hire an experienced tax preparer or educate yourself on the latest tax laws.
According to Doiron, the most important thing is to make sure you're organized, have your receipts, bank statements and checkbooks to document purchases just in case the I.R.S. audits you.
Be sure to pay attention to the documents that come in the mail.
The 1099's that come for mortgage interest is probably one of you biggest deductions as a home owner. When it arrives, put it in a safe place.
Lots of people fund college educations, cars and other major expenses through home equity loans. It's important not to forget about writing that debt off.
The mortgage interest and real estate taxes on second homes, including camps and even idle land can be deducted as well, but that's not all.
Doiron also says a camper or boat can be considered as a second home and mortgage interest on that can be deducted if it's got a living facility on it.
You can also get up to a $1,500 deduction if you run a legitimate business out of your home.
The 2017 tax season has just begun, but because of the new tax reform law, it's not too early to start thinking about 2018.
Doiron says homeowners will find some element of simplification in the way of some deductions not being allowed anymore.
Income taxes and real estate taxes will be capped at a $10,000 number in 2018.