Tax-Deductible Homeowners Expenses

While being a homeowner comes with great stresses, it also comes with it's advantages such as tax breaks! Along with interest, property taxes are deductible from federal income tax. The total value of these taxes should be taken into consideration with reviewing the true cost of owning a home. 

You should be aware of the costs involved in owning your own home and those costs which are no tax deductible such as:

• Insurance
• Rent
• Wages paid for domestic help
• Depreciation
• Utility costs
• Forfeited Deposits
• Down Payments

Property tax can be deducted based on the value of the property but keep in mind, not all charges are deductible such are charges incurred for services. 

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