Tax benefits for home owners - PowerPoint PPT Presentation

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Tax benefits for home owners

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Many house owners have a doubt if a tax break is applicable or not. Here are a few advantages you should be aware of as a house owner. – PowerPoint PPT presentation

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Title: Tax benefits for home owners


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Tax benefits for home owners
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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

3
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.

4
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.

5
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.

6
Why OConnor?
  • OConnor has plenty of experience when it comes
    to protesting taxes for homeowners.
  • 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.
  • OConnor gives you far more benefits when you
    enroll with us.

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Thank you!For any queries visitwww.cutmytaxes.co
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