The time has come for homeowners to start figuring out what tax credits they could be eligible for. Lucky for you Mint noted that there are two newly renewed tax deductions you might be able to take advantage of.
Mortgage Insurance Deduction
According to the IRS you can treat home mortgage insurance as home mortgage interest; this includes mortgage insurance from the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance. In some cases your home mortgage interest is fully deductible. The chart below from the IRS can help you determine if you might qualify.
Energy Property Tax Credit
Did you decide to green your home last year? If you did then you could be eligible for the extended energy property tax credit. Making energy efficient changes could help you get up to an extra $500 in return. Changes in heating, ventilating, insulation, windows, and doors could qualify you for a nice tax credit. Visit Energy Star to see exactly what changes are covered in the tax credit.
As with all tax information, always be sure to have the proper paperwork to show that you qualify for these tax credits. You can also contact a tax professional to ask about further homeowner tax deductions.
