If you are a home owner, your mortgage is probably your biggest expense every month. The good news is that owning something of this value can give you many tax breaks. Here are some tax breaks you should look into.
Energy Star home appliances are not just great for the environment; they can also give you a break on your taxes. If you install Energy Star appliances before the end of the year, you can receive a tax break of 10 percent.
Mortgage Interest Deduction
If you have a loan on your home, you should definitely consider the Mortgage Interest Deduction. With this tax credit, you can actually deduct the interest you pay on your home loan.
Construction Loan Interest
Do you plan on building a new home and need a construction loan? If so, you may be able to deduct the construction loan interest in the first two years.
For more information about tax breaks, contact Brighton Escrow.