Uncategorized January 25, 2014

2013 Tax Deductions for Homeowners


There are 3 very important tax deductions for homeowners that are expiring after 2013 taxes, unless Congress decides to renew them.  They are:

  • Private Mortgage Insurance – This deduction lets you deduct the amount you paid towards PMI in 2013 if you paid less than 20% down on your home and your loan is from 2007 or later
  • Energy Efficient Upgrades – This deduction helps you offset the costs of some energy efficient upgrades you may have made to your house, but its capped at $500
  • Debt Forgiveness – If you went through a foreclosure, short sale, or deed-in-lieu sale of your home in 2013 the banks allowed you to sell your home for less than what you owed on it, and that amount is treated like income and can be taxed; thanks to the Mortgage Debt Forgiveness Act you do not need to pay those taxes

However, there is also going to be a much more simplified version of the Home Office deduction that you can use if you work from home that is simply calculated based on the square footage of your office!

To read more about each deduction and find out if you qualify and how to file for it check out the full article from HouseLogic.com here  >>