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Tax benefits for home owners

Is tax break applicable for a homeowner?<br>The tax code keeps on changing and many have the doubts of the tax break for being a house owner.<br>On the bright side, there are some advantages when you are a homeowner.<br>Get to know a few advantages of being a homeowner<br>

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Tax benefits for home owners

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  1. Tax benefits for home owners

  2. 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 O’Connor? • O’Connor 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. • O’Connor gives you far more benefits when you enroll with us.

  7. Thank you!For any queries visitwww.cutmytaxes.com

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