Your home isn't just your castle; it is also a source of tax deductions. Yet, every year, Americans let these potential tax deductions pass by, not realizing how to take advantage of them. Complicating matters, the Tax Cuts and Jobs Act of 2017 has made major changes to the tax breaks that every homeowner should know.
IRS Publication 530, titled "Tax Information for Homeowners", can fill you in on the deductions that are available to you for the 2018 tax year. Several of the most important tax benefits are listed below.
Check the IRS publications and see if any of these valuable deductions apply to you. Take advantage of every tax deduction that you can. Otherwise, the government simply keeps more of your money.
Failing to pay your taxes or a penalty you owe could negatively impact your credit score. You can check your credit score and read your credit report for free within minutes by joining MoneyTips.
Originally Posted at: https://www.moneytips.com/top-tax-benefits-of-home-ownership
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