Owning 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
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