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Alabama Homestead Exemption And Other Tax Benefits Of Home Ownership
Dated: January 2 2015
There are several tax benefits, incentives, and deductions to consider when owning a home. As we look forward to a NEW YEAR , let's make sure we don't forget these:
HOMESTEAD EXEMPTION in the state of Alabama is one some new home owners forget to file. The home owner MUST go to the courthouse to file for this exemption hisself and take his deed with him to file for it.
In Alabama The property owner may be entitled to a homestead exemption if he or she owns a single-family residence and occupies it as their primary residence on the first day of the tax year for which they are applying. There are several different types of exemptions a home owner can claim in the State of Alabama. Be sure and talk with your tax advisor for details.
The INTEREST you pay on your mortgage is probably the largest deduction and is available on the following types of loans:
Mortgage on your primary home
Line of Credit
Home Equity Loan
You can also deduct the interest paid on a second home with certain limitations.
If you made ENERGY EFFICIENT IMPROVEMENTS to your home - your are allowed a credit on your tax return. The products must meet certain criteria so it best if you ask before you start your home improvement project. Think about this for next year as well. Here's a few examples that may qualify:
Exterior doors and windows
Central air conditioning and heating
Hot water heater
if you are self-employed and work from home another qualifying tax deduction may be your home office. Check with your tax advisor to see what's required in order for a home office to qualify.
I'm not a tax advisor, I am suggesting you talk with yours and make sure you receive all the home owner benefits that come with ownership.
When someone you know is ready to buy or sell in Baldwin and Mobile Counties, send them to me at Gulf Winds Realty. I'm never too busy for your referrals. jerrie.gulfwinds.com
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