While you are preparing to file your 2014 taxes, keep in mind that you might be entitled to claim one or more of the items below on your 2014 income taxes if you own(ed) a home or refinanced a home in 2014. Of course, you should always consult a tax professional before deducting any of the expenses identified below.
• If you refinanced your home for the second or subsequent time in 2014, there may be points that can be taken as an interest charge.
• Compare mortgage interest, property taxes and other eligible itemized deductions to your standard deduction to see which will give you a larger deduction.
• If you’re paying mortgage insurance premiums with your payment, you may be eligible to deduct them.
• If you purchased a home in 2014, there may be some deductions found on the HUD-1 form you received at closing.
• If you purchased a home in 2014 and the seller paid points on your behalf in order to get a mortgage, you may be able to deduct them.
• If you have dedicated, exclusive space in your home for a home office, you may be eligible for a deduction that may include a pro-rata share of insurance, utilities and other things.