A quick and informative read from Kiplinger
Uncle Sam has a few tax tricks up his sleeve to help you buy a home, save on home-related costs and sell your home tax-free. Some of them are complicated, limited or come with hoops you have to jump through, but they can be well worth the trouble if you qualify. And if your budget is already stretched thin, you need all the help you can get. So, without further ado, here are 13 tax breaks that can help you buy a home and prosper as a homeowner.
- Using retirement funds for down payment
- Mortgage points deduction
- Mortgage interest deduction
- Mortgage interest credit
- Home office expense deduction
- Credits for energy saving improvements
- Credit for electric vehicle charging equipment
- Deduction for medically necessary home improvements
- Deduction of rental expenses
- Property tax deduction
- Foreclosure or short sale debt forgiveness
- Capital gain exclusion when selling home
- Increased basics when selling your home
Read more about each of these: 13 Tax Breaks for Homeowners and Home Buyers | Kiplinger
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