Unlocking Little-Known Tax Perks for Homeowners in 2024

Uncovering Hidden Tax Perks for Homeowners in 2024

One thing you quickly realize after buying a house is that the initial purchase is just the tip of the very expensive iceberg that is being a homeowner. Everything from property taxes to home maintenance can bite into your budget.

Tax Credits and Deductions

On the plus side, many homeowner expenses have associated tax perks, like the Residential Clean Energy Property Credit and Energy Efficient Home Improvement Credit, offering financial relief for specific property improvements. Understanding the difference between credits and deductions is key to maximizing tax savings.

Home Equity Loan Interest Deduction

Discover how you can deduct the interest from a home equity loan or line of credit, provided you use the loan for qualifying home-related purposes. Learn about the criteria for this deduction and how it can reduce your taxable income.

Medically Necessary Home Improvement Deduction

Explore the eligibility criteria for deducting home improvements made for medical reasons, such as installing ramps or support bars. Understand the limitations and requirements for claiming this deduction under medical expenses.