Homeowners can claim a slew of write-offs to lower their tax bills. There are deductions for mortgage interest, mortgage points and real estate tax payments. And when you sell your home, most likely, you won’t have to pay taxes on the profit. If you bought a home last year, you might even get to write off expenses you didn’t pay. So make sure you get all the tax breaks you have coming.
Here’s a rundown:
Boats as homes. A boat that has eating, sleeping and sanitary facilities can qualify as a first or second home, so you can deduct mortgage interest paid on the loan secured by the boat to buy it. But if you are subject to the alternative minimum tax, this write-off is not allowed.