Monday, March 18, 2013

Crow Wing County Homeowners Do Not Miss These Home-Related Tax Deductions

The deadline to file your 2012 income taxes is quickly approaching. Take advantage of tax deductions to maximize your return. Here are a few commonly overlooked home-related tax deductions that Crow Wing County homeowners do not want to miss.

Points paid on refinancing of your home- When your home loan is refinanced for the first time you can deduct the points you pay over the life of your loan. If you have recently re-financed your home, which many Crow Wing County residents have over the past few years you may be eligible for more deductions. You get to deduct the remaining points on the previous loan, considering you paid off that loan when you refinanced the 2nd time. However, if you refinanced with the same lender you would not be eligible as you are rolling those undeducted points into the new loan.

Home improvements that save energy- Many of the tax credits that were being offered for energy-efficient home improvements ended in 2011. However, if you kept your receipts Congress recently revived the credits and they are now retroactive to 2012.  Visit the federal Energy Star website for more information on what projects are eligible.

Donations- If you have donated to local charities throughout the year make sure to get receipts and apply these towards your deductions.  If you do not know the value of the items you donate visit the Goodwill’s page that provides you with value of many common donated items.

Moving Expenses- If you have taken a new job that is at least 50 miles from your old home that makes you eligible to deduct the cost that you occurred from moving your family and your household items to your new home.

If you are looking to buy or sell a home in Crow Wing County,  contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.


Bill Grunewald/ Edina Realty.
Licensed in Minnesota/ Lic # 20204156