You may recall the Tax Cuts and Jobs Act—the most substantial overhaul to the U.S. tax code in more than 30 years—went into effect on Jan. 1, 2018. The result was likely a big change to your taxes, especially the tax perks of homeownership.
Whatever questions you have, look no further than this complete guide to all the tax benefits of owning a home, where we run down all the tax breaks homeowners should be aware of when they file their 2020 taxes in 2021.
Read on to make sure you aren’t missing anything that could save you money!
In March, as COVID-19 began to wreak havoc on the job market and caused millions of Americans to lose their jobs as businesses shuttered, federal lawmakers and regulators took the extraordinary step of extending forbearance to mortgage borrowers. Being in forbearance allowed homeowners to pause making their monthly mortgage payments — originally, borrowers could request up to 12 months of forbearance, though that was recently extended to 15 months.
Whether you’re still in forbearance now or resumed making monthly payments at some point in the past year, there could be implications for your taxes, especially if you plan to claim the mortgage interest deduction.
Read more HERE.
One of the major benefits of being a homeowner is building equity with each mortgage payment, instead of putting money into your landlord’s pocket.
But that doesn’t mean buying is always the best choice—as a renter, you enjoy more flexibility and avoid many of the costs that come with homeownership.
Here are seven questions to ponder to help decide what’s right for you.
If you’re hoping to buy a house with your significant other, it can be easy to get caught up in the fun stuff, like deciding the style of home you’d love (Victorian, midcentury modern, Cape Cod?) and finding the perfect neighborhood (downtown or middle of the woods?).
It’s a cliche among successful couples that communication is key, and that’s especially true if you’re planning to buy a house together. So before you get too serious and start poring through real estate listings, pop these four questions first.
2020 was the year of WFH: Working from home became a reality for countless Americans, as company offices closed down to curb the spread of COVID-19. And, as the time nears to file your 2020 taxes, you might be wondering: Does your home office add up to any tax deductions for you?
Find out HERE.
The dining table was fine for a while. We were supposed to be working from home for only a few weeks. But then the weeks turned into months, and now the months have turned into (gasp!) nearly a year.
So we found refuge wherever we could—behind closed bedroom doors, out on the patio, or even inside our closets.
And so the “cloffice” was born.
Once you have a house and yard, all kinds of responsibilities arise. Arranging your books and throw pillows inside is the fun part. But there’s a ton of nonfun stuff to wrangle. The trees need checking to ensure a branch isn’t about to fall and crush your car pancake-flat, like in a cartoon. Fences rot and begin tilting. There are gutters to be cleaned, chimneys with caked-on creosote to be scrubbed out, and all matter of masonry, drainage, and roof issues to be addressed.
Here are some other things to think about…
If you’re unsure about whether or not you need a termite inspection, here are some solid reasons why you should probably make an appointment with a pest control company.
If your home is filled with distressed furniture and mismatching dishes you grabbed at a flea market, then you’re likely a denizen of a decor style known as shabby chi
But alas, the reality of this decor scheme can be downright messy in the wrong hands. Truth: Shabby chic really should be mostly chic, with subtle hints of shabby, people! Otherwise, you run the risk of a trashy, near-homeless vibe in your own home.
Don’t fall down the shabby chic rabbit hole. Here are 10 no-nos when you want to go boho.