Sanibel Real Estate Blog: Don’t Forget Your Tax Deductions

OK, all of you that have purchased Sanibel real estate: Here are four Florida  deductions that you may be able to claim on your taxes this year:

1.Mortgage interest
The interest paid on a home loan is typically the largest potential deduction for middle-class. Also this for a second home: you can also deduct the mortgage interest on that, as long as it isn’t a rental property.

2. Points
If you recently purchased a home but paid “points” to the bank in order to get a better rate, that expense is tax deductible in the year you paid them.

3. Energy credits
If you did something that was energy efficient to your home, you may be able to claim that credit.

4. Casualty losses
If you suffered property damage and weren’t reimbursed by an insurance company for repairs, you may be eligible for a big deduction.
Check with your tax accountant for deductions!

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