As spring breakers flock to the Emerald Coast, SETCO is rejoicing that the tourism season is here but that also means it’s tax season. April is here, so don’t let taxes get you down. Here are some Real Estate Tax Breaks just in time for Spring Break and Tax Day!
Real Estate Deductions:
- TAX DEDUCTIONS FOR MORTGAGE INTEREST PAID: Under current tax law, mortgage interest is tax-deductible. You see it every month on your mortgage statement and you pay it diligently along with your payment. Now, get the benefit when tax time arrives.
- REAL ESTATE TAXES PAID ARE TAX-DEDUCTIBLE: Another tax benefit of owning a home is the IRS allows homeowners to deduct real estate taxes in the year in which they’re paid.
- ENERGY TAX CREDIT: The IRS credits more than just mortgage interest paid at tax-time. It hands out tax breaks for certain home renovations and appliance purchases, too.
Beware of Fraud:
- Protect yourself from tax fraud and identity theft, too. Watch out for refund credits that seem too good to be true or sound suspicious.
- Only hire reputable companies to file your taxes and be cautious about the personal information you share.
Emails may seem like they are from a legitimate source, but fake emails usually have general salutations (Dear Sir), grammatical errors, and unnecessary attachments.