Home > Homeownership > Year-End Tax Benefit Savings

There are many financial - especially tax advantages to homeownership. If you want to take advantage of some tax benefits for current homeowners, you still have a few more days at the end of every year to take these steps:

1. Property taxes - If you qualify and can itemize your deductions on Schedule A of your Federal Income taxes, by paying your property taxes on or before December 31, you could count that payment towards your current year taxes. If you make your payment on  or after January 1, you will use this property tax payment for the following year.

2. School taxes - Same as property taxes above.

3. Make your January 1 payment early - Make the payment by 31st December instead so that you will be able to take January's interests onto your itemized deductions.

4. Donate your stuff - Bought a new couch this year and want to get rid of the old one? How about a TV or a computer? When you make a charitable contribution on or before December 31, you will be able to itemize a small fraction of its original value. Speak to your tax consultant about your tax situation.

Depending on when you close on the purchase of your house, how much interests and real estate taxes you will pay, you may want to itemize your deductions for the current year or the following year. Find out how standard/ itemize deductions apply in your situation and start maximizing your tax advantage!
 

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