Yorkville IL Real Estate Agent Shares Homeowner Tax Breaks

tax savings for homeowners by yorkville il real estate agent

Homeownership means a high level of commitment and many expenses. The benefits of having a place to call home, raise a family, and create memories is well worth it. Yet, there are many costs to cover. This is why it is important to find ways to save where you can. As a Yorkville IL real estate agent committed to serving new homeowners, providing avenues for cutting costs is important. Here are a few ways to limit homeowner expenses from Yorkville IL Realtor Lauralee McElroy.

Property Taxes

Did you know that in some areas you can deduct your property taxes on your annual taxes? It is best to learn the details on your specific location from a qualified tax professional. Just ask if your property taxes count as a deductible expense. As a professional Yorkville IL real estate agent, providing helpful information to enable savings is always beneficial.

Mortgage Related Savings

Another lesser-known avenue for savings is related to your mortgage interest. When filing your annual taxes, check into deducting the mortgage interest that you paid. Keep in mind that this is not the amount that you paid on the principal. Only the interest on the mortgage can be deducted. This is the case with a second home as well.

It is also a good idea to look into deductions related to the points you pay on your mortgage or for a home equity loan. For help buying your next home contact Yorkville IL Realtor Lauralee McElroy.

Home Improvement

There are a few types of home improvement that can also amount to savings for you. For example, if you added any energy efficient features to your home you might be able to get a tax credit. This can include solar panels, green heating and cooling systems, and even new windows and doors in some cases. Other home improvements that you can get a deduction for might be a home office (if you have a home based business), or any improvements that are required as the result of a medical condition. One recommendation as a real estate agent in Yorkville IL is to make home improvements that will add value to your home. Yet, it is also nice to create some savings along the way!

Damages from Weather

One last source of potential savings is if your home was damaged by extreme weather. The conditions need to be right for this one. The amount of the damage needs to be more than ten percent of your income and cannot have been covered by your insurance. With each of these types of savings, it is best to consult your accountant to verify your eligibility. For all your real estate needs in or around Yorkville IL, contact Yorkville IL real estate agent Lauralee McElroy today!