Dean Drobot, en.elcierredigital.com US Social Security brings a smile to thousands of Americans: you'll love it
If you own a home, SSA makes it very easy for you to obtain certain tax benefits
Social Security in the United States not only offers retirement pensions and disability assistance. It can also provide significant help through tax benefits for those who own a home. This brings a smile to many Americans and helps them save in a real way.
The SSA Agency allows taxes to be withheld from benefits to avoid unpleasant surprises at tax time, as explained on their official website. If your income exceeds certain limits (more than $25,000 for singles or $32,000 for joint filers), up to 85% of your benefit may be subject to taxes.
SSA Help For Homeowners Beyond Direct Benefits
This is where the IRS comes in with specific tax advice for those who own a home. The tax department emphasizes that housing is a tool for saving, reducing common costs.
You are allowed to deduct mortgage interest on up to $750,000 of debt (or $1,000,000 if the loan is from before December 2017). This can mean savings of thousands per year because it reduces the taxable base.
Attention: Homeowners Can Claim Up To 30% Of Expenses
Secondly, local and state property taxes can be deducted up to a limit of $10,000. This way, homeowners pay less for their home on their tax return.
The IRS also offers tax credits for energy efficiency improvements. Thanks to the Inflation Reduction Act of 2022, homeowners can claim up to 30% of expenses on efficient windows, insulation, climate control, or clean energy. This can represent up to $3,200 per year just in improvements like insulation and heat pumps.
Beyond this, the IRS reminds you that you can deduct the cost of mortgage points if you help reduce the interest rate. If you are self-employed, you can deduct part of the cost of your home office. All of this applies as long as you meet the requirements for exclusive and regular use of an area of your home.
Useful IRS Tips You Can't Overlook In The US
If you sell your home after living in it for at least two years during five, you can exclude up to $250,000 of gain ($500,000 for couples) from capital gains taxes. By applying all these deductions and credits, an average homeowner can save thousands of dollars per year. These opportunities mean that stopping renting and finding a home has an additional benefit beyond stability.
The IRS offers useful tax tips: Keep forms like 1098, which reports interest and property payments. Also, consider whether it is better to itemize deductions or take the standard deduction and document energy improvements: invoices, certifications, and references.
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