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Top 9 sins home owners make on their tax returns

March 5, 2013 By Annie and Bob Pacieznik Leave a Comment

Tax Prep Home Owner DeductionOwning a home is a great way to reduce (write off) some of your tax liabilities…but watch out for the following common tax-filing errors to avoid running afoul of the IRS.

  • Sin #1: Deducting the wrong year for property taxes
  • Sin #2: Confusing escrow amount for actual taxes paid
  • Sin #3: Deducting points paid to refinance
  • Sin #4: Misjudging the home office tax deduction
  • Sin #5: Failing to repay the first-time home buyer tax credit
  • Sin #6: Failing to track home-related expenses
  • Sin #7: Forgetting to keep track of capital gains
  • Sin #8: Filing incorrectly for energy tax credits
  • Sin #9: Claiming too much for the mortgage interest tax deduction

Read the details about the 9 common sins home owners make on their tax returns

Filed Under: Real Estate Blog Tagged With: Home Owner, Tax Deduction, Tax Preparation

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