Only tax accountants get excited about this stuff, but there are a few reasons to smile this year as you prepare your 2017 tax returns. Are you a homeowner? You may be eligible for these important tax deductions:
Property Taxes
If your home has a mortgage, your lender will send a 1098 Form that will list the amount paid for property taxes. Otherwise, you can reference the property tax bill you received last fall.
If you bought your home in 2017, be sure to deduct any taxes for which you may have reimbursed the seller. These are taxes the seller had already paid before you took ownership. You won’t get a 1098 report listing these taxes. Instead, that amount will be shown on the settlement statement you received at closing.
