If you bought a home in 2020 you likely have some questions about how it will impact your income taxes and what is tax deductible.
Below is an excerpt from and link to an article on Nerdwallet.com. Nerdwallet.com is a great resource for advice a on all things financial and the articles are typically easy to understand. Below is an excerpt from and link to an article on Nerd Wallet that talks about this very subject. Please click below to check it out. Before you do just know I strongly encourage you to seek professional tax advice. Articles like this and sites like Nerd Wallet are great but I have learned that every situation is different and I feel it is wise to seek good, qualified tax and investment assistance to ensure you are making the most informed decisions you can.
You can get some federal tax breaks for owning a home if itemizing deductions on your 2020 tax return makes financial sense.
But that’s a bigger “if” than it used to be.
Although tax deductions for homeowners can add up to thousands of dollars, claiming them is worth the trouble only if all your itemized deductions exceed the IRS standard deduction…CLICK HERE FOR THE LINK.