HouseLogic: 9 Easy Mistakes Homeowners Make on Their Taxes

Avoid an IRS audit by recording homeowner tax deductions and credits properly.No one likes paying taxes. What’s even worse though is being audited by the IRS. A good way to avoid an audit is to be sure you understand home-related tax deductions and credits. Here are 9 common mistakes homeowners make, according to HouseLogic.com.

1.  Deducting the wrong year for property taxes

2.  Confusing escrow for the actual taxes paid

3.  Deducting points paid for refinancing

4.  Misjudging or miscalculating the home office tax deduction

5.  Failing to repay the first-time homebuyer tax credit

6.  Neglecting to record home-related expenses

7.  Forgetting to keep track of capital gains

8.  Filing incorrectly for energy tax credits

9.  Claiming too much for your mortgage interest tax deduction

To read more about these mistakes and how to avoid them, visit HouseLogic.com. Another good resource is your tax preparer, especially since the fiscal cliff has changed the tax landscape for 2012.

 

About Marti Reeder

I am a full-time, full-service REALTOR® for John L. Scott, Kent-Covington, Washington. Serving primarily the South Puget Sound, my goal is to provide my clients with first class service and to make the home buying or home selling process as simple as possible.

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