Six important tax tips for homeowners

3 Mar

USA Today – Jeff Reeves

For tax year 2013, the standard deduction is $6,100 for single Americans and $12,200 for those married and filing jointly. That means unless you can claim more than those amounts, there’s no reason to itemize. One of the most common ways to get over the threshold, however, is to own a house and unlock the many deductions that come with homeownership.

But it’s not as simply as simply mailing a mortgage bill to the IRS and reaping the rewards. There are a bunch of very specific deductions that require specific paperwork. Here are six important tax tips to look for if you’re a homeowner:

1) Mortgage Interest

Claiming mortgage interest is the biggie, and one of the most common deductions among taxpayers.

>>Read More: http://www.usatoday.com/story/money/personalfinance/2014/03/02/irs-taxes-deduction-homeowner-mortgage-interest/5863865/

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