A large part of a homeowner’s monthly loan payments is taxes, which can be deducted annually.
STATEN ISLAND, N.Y. (March 18, 2016) — As the deadline to file taxes approaches, the Staten Island Board of Realtors (SIBOR) wants to remind homeowners of the many tax benefits, savings and deductions they can take advantage of simply by being homeowners.
“There are many social and personal benefits of owning a home, but some of the most significant financial benefits only become apparent at tax time,” said Claire Bisignano Chesnoff, president of SIBOR. “Many new homeowners, and even those who have owned their home for years, may be unaware of some of the fantastic tax breaks that come with owning a home.”
HERE ARE SOME DEDUCTIONS, CREDITS AND TIPS OF WHICH MANY HOMEOWNERS MAY NOT BE AWARE:
Mortgage interest deduction. “If you took out a loan to pay for your primary or a secondary home, you can deduct the interest paid on your mortgage up to $1 million,” said Mrs. Bisignano Chesnoff. “These savings can add up very quickly.”
Property tax deductions. A large part of a homeowner’s monthly loan payments is taxes, which can be deducted annually. “If you bought your home during this tax year, remember to pull out the settlement sheet you received at closing for more tax deduction data,” said Mrs. Bisignano Chesnoff. “When you purchased the property from the seller, the year’s tax payments were divided so that you were responsible for paying the taxes during the portion the year you owned the home; and your share of those taxes is deductible.”
Energy efficiency tax credit. This provision allows homeowners to claim a tax credit (or a dollar-for-dollar reduction in taxes) of up to 10 percent of the amount spent, up to $500, for many green improvements done to their home that year. “If you installed energy-efficient windows or solar panels in your home, make sure that is reflected in your tax returns,” said Mrs. Bisignano Chesnoff.
Home improvements. When it comes to taxes, home improvement expenses are not something homeowners can generally deduct on their taxes. However, improvements done to meet a medical need can be deducted. “If you installed a wheelchair ramp or added handrails, you can deduct these projects as medical expenses,” said Mrs. Bisignano Chesnoff. “Still, you cannot deduct the entire cost of the equipment or renovation, only the amount left over when the added value to the home is subtracted from the cost of the improvement. Also, be prepared to document that the improvement is medically necessary by having at least one letter from a physician stating the need.”
To find a Realtor® to learn more about homeownership and its tax breaks, contact SIBOR. or visit SIBOR.com.
About The Staten Island Board of REALTORS® (SIBOR)
Having marked its 100th anniversary in October 2015, the Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit professional and trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of approximately 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,700 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and viewed online at www.SIBOR.com. SIBOR may also be visited on Facebook at “Staten Island Board of Realtors” and on Twitter via @SIBOR.
Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 718‑682‑1509
Mobile: 917‑715‑8761
Email: [email protected]
