With tax season upon us, Redfin has just released a series of tips to help out first-time homebuyers when filing their tax returns for 2014.
According to the real estate news site, the main thing to keep in mind is that you may want to itemize your deductions.
“For many non-homeowners, the standard deduction is a no-brainer – it’s easy and you barely have anything you could itemize anyway,” blogger Scott Kelly explained. “Once you own a home, however, the math changes: You can deduct your mortgage interest payments. This deduction, in combination with other deductions, will often exceed the standard deduction.”
Image via flickr/401(k) 2012