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Prospect Financial Group, Inc.

Overlooked Homeowner Tax Deductions

Monday, March 18, 2013 - Article by: Prospect Financial Group, Inc. - Message

Kiplinger recently published an article of over twenty of the most overlooked tax deductions. Several of these highly overlooked tax deductions we home related. If you are a homeowner, you want to be sure to take advantage of these tax deductions. Continue reading to see what additional deductions can help you save on your taxes.

In January, a bill was passed that restored the state sales tax deduction. Once again you can deduct the sales tax that you have paid for any major home improvements.

You also can deduct any refinancing points paid if you re-refinanced in the past year. If you have only refinanced once, the points that you have paid are deducted over the entire life of your loan. However, if you re-refinance you deduct the undeducted points that remained in the loan prior to refinancing.

You will want to have held onto any receipts for energy-saving home improvements. The costs for these improvements can also be deducted from your taxes, saving some homeowners up to $500 dollars.

If you have donated any household items that remain in good condition to charity over the past year, those can also be deducted from your taxes. Goodwill can provide a list of estimated values of frequently donated items.

Finally, you can deducted moving expenses if you were required to relocate for a job as long as it was at least 50 miles from your previous home. The cost of moving your household items can be deducted including 23 cents per mils and reimbursement for parking costs and toll fees.

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