Taxes and Your Home!

Don’t forget about homeowner tax breaks

A New Year means tax season is right around the corner. One of the many perks of homeownership is big tax breaks. So whether you’re doing your taxes yourself or getting help from a professional, it’s important to take advantage of those breaks!

Mortgage Interest Deduction:

Before buying a home, a standard deduction may have made the most sense when you prepared your taxes. But homeowners can deduct the interest portion of their mortgage payments, and the earlier you are in your mortgage, the greater the percentage of each payment that goes toward interest, so take advantage right away!

Home Office:

There are specific criteria that have to be met in order to deduct home office expenses, but it can lead to a very large deduction. In general, your home office has to be used specifically for business purposes. Check with a tax professional to see if your home office qualifies for a deduction-it’s a little extra work, but can make a big difference in your tax responsibility.

And now for the sales pitch:

I am passionate about helping others and am focused on providing the highest level of customer service. I am proud to be working with Mostad Construction Inc. and Windermere Real Estate to help others realize the dream of home ownership in Missoula.

Loren Mostad