Tax benefits for home owners

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Tax benefits for home owners
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Is tax break applicable for a homeowner?

• The tax code keeps on changing and many have the
  doubts of the tax break for being a house owner.
• On the bright side, there are some advantages
  when you are a homeowner.
• Get to know a few advantages of being a homeowner

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Mortgage interest

• Deduction of mortgage interest can be one of the
  most significant advantages of being a homeowner.
• The homeowner can claim any deduction that they
  have paid on mortgages for building or even for
  the mortgage taken for home reconstruction or
  improvements.
• In case of purchase or rehabilitating a home with
  1 million of debt incurred for purchase, some
  tax break is possible with TCJA.

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State and local tax deduction

• Certain states do have a separate tax system that
  imposes taxes on property which you own.
• Some of the local taxes imposed on a property are
  deductible under federal tax returns.
• The maximum deduction is considered up to 10,000
  in some states.

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Home office plans

• One clever strategy is converting your home into
  an office if you are self-employed.
• That business place conversion could claim home
  office deduction which allows that portion of
  your home property tax to get under the belt of a
  business expense.
• Be clear with paper works when you are renovating
  home space as an office and get help from tax
  professionals.

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Why OConnor?

• OConnor has plenty of experience when it comes
  to protesting taxes for homeowners.
• We have separate residential tax appealing
  strategies that make us 1 property tax firms in
  the county.
• You need not pay a single penny unless your taxes
  are reduced.
• OConnor gives you far more benefits when you
  enroll with us.

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Thank you!For any queries visitwww.cutmytaxes.co
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