smart spending

You just moved into a new home. What are the 6 things you need to do now?

When you're planning a late retirement
When you're planning a late retirement | Daxiao Productions/Shutterstock.com

When you're planning a late retirement

Along with being a place to call your home, one of the biggest benefits of buying a house is the federal income tax deductions it provides.

"Take advantage of every tax benefit you can," says Bill Brown, 2017 president of the National Association of Realtors.

Now is the time to familiarize yourself with the tax deductions, such as the mortgage interest you paid, your real estate property taxes and the points you paid on your mortgage, Brown says.

You can benefit financially if you don't wait until the last minute to pay your property tax bill, says Henry Grzes, a lead technical manager for the tax section of the American Institute of CPAs.

If the property taxes on your home are due in February, and you pay your bill in December, you can write off the taxes you paid on your 2016 income tax return. At the same time, many jurisdictions will give you a discount if you pay your property taxes before the deadline.

advertisement

          Connect with us
advertisement
advertisement
advertisement

Connect with us