{"id":91,"date":"2009-05-19T09:11:41","date_gmt":"2009-05-19T14:11:41","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=91"},"modified":"2009-05-19T09:11:41","modified_gmt":"2009-05-19T14:11:41","slug":"homeowner-taxes-you-can-deduct-and-not-deduct","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=91","title":{"rendered":"Homeowner Taxes You Can Deduct and Not Deduct"},"content":{"rendered":"<p>The following list (not comprehensive or all-inclusive) of taxes is provided to first-time homeowners, o<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-92\" title=\"homeowners\" src=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2009\/05\/homeowner_large.jpg\" alt=\"homeowners\" width=\"250\" height=\"460\" srcset=\"https:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2009\/05\/homeowner_large.jpg 250w, https:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2009\/05\/homeowner_large-163x300.jpg 163w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/>r even homeowners in general, that wish to get the most tax deductions from the cost of owning a home.<\/p>\n<ul>\n<li>Real Estate Taxes &#8211; A homeowner can deduct a real estate tax if the tax is an annual tax based on the assessed value of the real property and the taxing authority charges a uniform rate on all property in its jurisdiction.\u00a0 In order to be deductible, the tax must also be for the welfare of the general public and not be a payment for a special privilege or service.<\/li>\n<li>Homeowners&#8217; Association Assessments &#8211; A homeowner cannot deduct these assessments because the fees are not assessed by a state or local government.<\/li>\n<li>Transfer Taxes &#8211; A homeowner cannot deduct the transfer taxes and similar taxes and charges on the sale of a personal home.\u00a0 However, the homeowner can include these taxes and costs in the basis of the property.<\/li>\n<li>Sales Taxes &#8211; A homeowner can elect to deduct state and local general sales taxes instead of state and local income taxes as an itemized deduction on Schedule A of Form 1040.\u00a0 Deductible sales taxes may include sales taxes paid on a home or building materials.<\/li>\n<li>Mortgage Interest &#8211; A homeowner can deduct their mortgage interest if the loan is secured by the homeowner&#8217;s main home.\u00a0 It does not matter if the loan is a first, second, or a home equity loan.<\/li>\n<li>Points &#8211; A homeowner cannot deduct the full amount of the points or charges paid by a borrower in order to obtain a home mrotgage, with a small exception.\u00a0 Instead, the homeowner must deduct the points over the life of the mortgage.<\/li>\n<li>Mortgage Insurance Premiums &#8211; A homeowner can take an itemized deduction on Schedule A of Form 1040 for premiums paid or accrued for qualified mortgage insurance in connection with home acquisition debt on the homeowner&#8217;s qualified home.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The following list (not comprehensive or all-inclusive) of taxes is provided to first-time homeowners, or even homeowners in general, that wish to get the most tax deductions from the cost of owning a home. Real Estate Taxes &#8211; A homeowner &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=91\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-91","post","type-post","status-publish","format-standard","hentry","category-individual"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/91","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=91"}],"version-history":[{"count":1,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/91\/revisions"}],"predecessor-version":[{"id":93,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/91\/revisions\/93"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=91"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=91"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=91"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}