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As with any homeowner, you can deduct the mortgage interest on the property and real estate taxes.
There are two special deductions that you might qualify for:
Nonbusiness Energy Property Credit: This credit equals 10 percent of what a homeowner spends on eligible energy-saving improvements , up to a maximum tax credit of $500 for the combined years since 2006. The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items.
In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit, though the cost of installing these items does not count. By spending as little as $5,000 before the end of the year on eligible energy-saving improvements, a homeowner can save as much as $500 on his or her 2016 federal income tax return.
Sales Tax Deduction: If your directly paid for the cost of building supplies to construct the home, the sales tax on those purchases are deductible.
You'll find all of most of these deductions under Deductions & Credits>Your Home. The sales tax deduction will be under that with the heading Estimates and Other Taxes Paid.
As with any homeowner, you can deduct the mortgage interest on the property and real estate taxes.
There are two special deductions that you might qualify for:
Nonbusiness Energy Property Credit: This credit equals 10 percent of what a homeowner spends on eligible energy-saving improvements , up to a maximum tax credit of $500 for the combined years since 2006. The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items.
In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit, though the cost of installing these items does not count. By spending as little as $5,000 before the end of the year on eligible energy-saving improvements, a homeowner can save as much as $500 on his or her 2016 federal income tax return.
Sales Tax Deduction: If your directly paid for the cost of building supplies to construct the home, the sales tax on those purchases are deductible.
You'll find all of most of these deductions under Deductions & Credits>Your Home. The sales tax deduction will be under that with the heading Estimates and Other Taxes Paid.
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