Tax Tips For First Time Homeowners

Judy Gang

Tax Tips 1

You finally have your dream home, and now tax season is upon us. Don’t let the stress of being a first time homeowner get to you! Here are some tax tips to help ease the pain of tax season

•  Keep your records! Make sure you are keeping careful records of your income, expenses, and to support deductions and credits.

•   If you sold a home in the past year, you can claim selling costs.  These costs include title insurance, advertising, and real estate broker fees.

•   Private Mortgage Insurance (PMI) is deductible. Homeowners who make a down payment of less than 20% are usually paying some sort of Private Mortgage Insurance. If your mortgage was originated after Jan 1, 2007, and you have PMI, it can be a tax deduction.

•   If you moved due to a job change, you may be able to deduct your moving expenses. You…

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