IRS Link to Publication — Found Here
There are many tax questions when it comes to home ownership, mortgages, equity, federal loan programs, selling a home, and so forth.
Publication 530 seeks to address all relevant tax information for this large and important financial asset, which is often the largest purchase they will ever make. Homeowners incur expenses for home equity, mortgage interest, private mortgage insurance, improvements and maintenance, and taxes. Much of this can be deducted.
There are also an increasing number of people taking advantage of Residential Energy Credits by putting solar panels on their rooftops and making other changes that may entitle them to a tax deduction or credit.
Publication 530 outlines most of the situations that will cause a homeowner to file a tax form, including changes in ownership, sales, renting space on the property to other individuals, deductions against expenses, and more. Some federal programs for the refinancing of mortgages are also discussed.
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