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HouseLogic Helps Homeowners Get the Most from Filing their Taxes

March 01 2017

 

WASHINGTON, Feb. 24, 2017 -- After all the paperwork that comes with buying a home, few think about the ultimate paperwork – filing taxes. However being a homeowner comes with many benefits, including the opportunity for an increased tax refund. This month's File With Confidence: Tax Tips for Homeowners spotlight from HouseLogic.com, the comprehensive website for homeowners from the National Association of Realtors®, features six articles offering advice on how homeowners can get the most out of their filings.

Following are a few tips from HouseLogic on how to sail through tax season and bring home the largest return.

Will My Taxes Look Different Now That I'm a Homeowner? Becoming a homeowner comes with many changes, including saying goodbye to the standard deduction with a 1040-EZ form and embracing itemization on Schedule A. HouseLogic walks some recent first-time homeowners through their new tax benefits, including one-time deductions after buying a home, such as application or underwriting fees.

How to DIY Your Taxes – and Not Miss a Single Deduction. Filing taxes alone can be a daunting task, especially when it involves itemizing deductions. Check out HouseLogic's tips for DIY tax filers on how to get every possible tax deduction, including recouping some of the costs of buying or selling a home.

Are You Getting the Home Tax Deductions You're Entitled to? One of the many benefits of homeownership is the multitude of deductions that become available come tax time. However, homeowners can get overwhelmed attempting to take advantage of every single deduction to which they are entitled. Follow HouseLogic's list of often-overlooked deductions related to owning a home, including credits for installing energy-efficient home systems.

How long to Keep Tax Records. Most people can think of 100 things other than tax documents they would rather make room for and store in their homes, but there are some forms that need to be kept to prove a deduction is deserved, to file an insurance claim or just in case. Follow HouseLogic's checklist to find out how long forms and returns should be stored – in some states it can be up to 10 years.

Don't Panic! You CAN Do Your Taxes Error-Free. Here's How. Are condominium fees tax deductible? Does renting a room out on Airbnb count as rental income? Knowing what is and is not deductible can be difficult for even the most seasoned DIY tax filer, and it can be easy to make a mistake. Take a look at HouseLogic's list of the top six blunders homeowners make when filing taxes, including not challenging property tax bills when a home's value is reassessed.

When It's Time to Get an Accountant to Do Your Taxes. When do taxes become too complicated for someone to handle on their own? HouseLogic lays out when it might be time to bring in a professional, such as when becoming a landlord or turning a home into a home office.

For more information on quick and simple home improvement projects, visit HouseLogic.com.

HouseLogic is a free source of information that helps consumers make smart, confident decisions about all aspects of home ownership. Made possible by Realtors®, the site helps owners get the most value and enjoyment from their existing home and helps buyers and sellers make the best deal possible.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.1 million members involved in all aspects of the residential and commercial real estate industries.