Are you a homeowner? Here are some of the tax deductions you might qualify for this tax season. [CBS News]
NerdWallet, Inc. (NRDS)
Company Research
Source: CBS News
As in every tax season, a filer's situation will hinge on multiple factors. "Everyone's situation is different," said Kate Wood, a lending expert from NerdWallet. "It's hard to say kind of how everything is going to stack up for most homeowners, because so much will depend on your income and then also where you live." Still, it can pay — quite literally — to be prepared. The deductions available to homeowners are fairly consistent with years past, with a few changes following last year's passage of the Republicans' new tax and spending law The IRS will start accepting tax returns on Jan. 26. What deductions can I claim as a homeowner? The mortgage interest deduction remains one of the chief tax breaks for homeowners. However, fewer people have claimed this since the 2017 Tax Cuts and Jobs Act, which nearly doubled the size of the standard deduction, Wood said. Still, it remains an option for taxpayers who itemize — meaning they add up eligible expenses such as mortgage
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