Top 5 Overlooked Home-Related Tax Deductions

Here are some best practices:

February 06, 2014

It’s officially tax season! That may send shivers down your spine, there’s better news if you bought a home, moved because of a job or paid a mortgage or property taxes in 2014. You may be able to claim more deductions, and put more money back in your pocket.money1

Here’s 5 common overlooked deductions:

Moving expenses. To qualify to deduct moving expenses, you must meet a 3 part test: closely related to the start of work, distance and time. First, you must have spent money on a move within one year of starting work in a new location. Next, your new work location must be at least 50 miles farther away from your old home than your old job was. And finally, you must work full-time for at least 39 weeks during your first year in that new job.

Mortgage interest. Like most homeowners, a good chunk of your mortgage payment likely goes toward interest on your loan. The good news is all of this interest is deductible in a lot of cases! There are limits on this rule if you refinanced, have a loan for more than $1 million or own multiple properties.

Home Related Tax Breaks
Property taxes. You can include all property taxes you paid, according to your 1098. If you bought your home in 2014, you can also count taxes you reimbursed the seller for-that amount will be on your settlement sheet.

Points. These are prepaid interest, and are used to obtain a mortgage. Like mortgage interest, there are limits on how large your mortgage is, and how the points were paid when you bought your home.

Home improvements for medical care. For people with disabilities, home improvements that are required by a doctor may be deductible. In a rented house (where other costs were not reduced by a landlord), these costs may be listed as medical expenses.

Susan Rupert Group

Realtor, ABR, CRS, SRES, MCNE, e-PRO
Kissinger Bigatel & Brower

2300 South Atherton Street
State College, PA 16801
Mobile/Direct: 814-280-0364
Office: 814-234-4000 ext. 3213

You have questions regarding our services? Please feel free to contact us.

Privacy Policy
Terms of Service

Read our Consumer Notice

IDX information is provided by the Centre County Association of REALTORS® MLS, exclusively for consumers’ personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed accurate by the Centre County Association of REALTORS® MLS and should be independently verified. No reproduction, distribution, or transmission of the information at this site is permitted without the written permission from the Centre County Association of REALTORS® MLS.

Scroll to Top