As this year’s tax season draws to a close, many homeowners are beginning to plan their home-related tax strategies for 2024. To help, we want to share tips on maximizing your tax return through certain types of home improvements. While the specifics of your own tax filings should invariably be discussed with a qualified accountant, there are general guidelines regarding which home improvements are tax deductible.

Please note that you can only take advantage of the following home improvement tax deductions when you sell your home. Keep every record of the improvements you make to your home. This careful documentation will ensure that you are able to apply for every possible tax deduction.

Categories that Are Not Deductible

Repairs, routine

One of the perks of a mortgage is the "mortgage interest deduction." Read on to learn what a mortgage deduction is, how much you can reduce from your taxable income, and how you can take advantage of this tax incentive.

About Mortgage Interest Deduction

The mortgage interest deduction is part of your itemized tax deductions, and it subtracts any interest you've paid on loans used to build, purchase or renovate a property. This means that you can subtract a portion of the mortgage interest for primary and secondary homes every year when you do your taxes. This, in turn, reduces the amount you owe Uncle Sam. 

To be clear, this perk does not include payments you've made to your homeowner's and private mortgage insurance (PMI). Here's a list of

Tax season isn’t always met with positivity. But when you’re a homeowner, you tend to view tax season differently because of the tax benefits. With tax season soon upon us, we wanted to share some of the lesser-known tax benefits of owning a home. 

Did you miss out on the tax breaks for 2019? Not to worry! You can still benefit in the coming year! Come to think of it, the sooner you purchase a home, the longer you can rake in those benefits! 

Interest Paid on Your mortgage is Deductible (in most cases)

Generally speaking, if your mortgage is not greater than $750,000, then you can deduct the interest paid on the loan. This is the most significant benefit of owning a home and claiming it is relatively simple. At the end of the year, your

In 2018, the US enacted significant tax reforms. Homeowners like you are among those who will have taken note of these changes, and may be wondering: under the new code, what are the tax breaks for second homeowners? Does it matter whether the second home is going to be a rental or a vacation getaway, or whether it’s a boat or a chalet?

When comparing the new tax code to the pre-2018 rules, there are four key ways the new tax code affects second homeowners. If you’re considering buying a second home or want to know how the new rules will impact your plans for an Airbnb income stream, read on! Our team at Parks has the information to help you second homeowners make the most of each potential tax break in 2020.

1.) Tax Breaks on Second Homes