What write offs can homeowners declare for tax exemptions?
Your property taxes paid will be deductible. Some may have been paid at closing, so check your closing statement. If you paid points, they will be “amortized” over the life of the loan. In other words, if it’s a 15 year loan and you paid $1,500 in points, you can write off $100 per year. When you sell or refinance the house, the remaining unamortized points can be written off. Certain energy efficient improvements may be eligible for tax breaks, but are very limited. If you use any part of the home as a home office, that’s very complicated, but it can be done if you meet strict requirements.
