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Whattax benefitsdoes owning a home offer?
There might be some that homeowners are missing out on.
Here are some of the ones experts recommended looking intobefore homeowners file their taxes.
Deduct Property Taxes
Clement highlighted property taxes as another expense that can be written off.
For married couples filing separately, the limit is $5,000.
If you work from home you might qualify for a home office deduction if you are self-employed.
W-2 employees are out of luck, he said.
Thats free money most people never take advantage of, he said.
Make Energy-Efficient Upgrades
Those who make sustainable changes to their homesmay be eligible for energy-efficient property credits.
Overall, there are many tax deductions homeowners may be able to qualify for.
Clement cautioned that not everything is tax deductible, but its still important to keep track of upgrade costs.
Some homeowners think everything they spend on their home is deductible, but thats far from the truth.
However, if youre making major upgrades, keep track of them anyway.
They could lower your capital gains tax bill when you sell the house, he said.
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