It’s tax time and while many people don’t look forward to filling out those government forms, Floridians have something to smile about. Weather isn’t the only benefit to moving south, tax deductions can be a serious perk for Florida homeowners. Here are the top tax deductions Florida homeowners may qualify for:
Florida Homestead Exemption: For snowbirds making the move from high-tax environments, Florida’s Homestead Exemption is a welcome bonus. The Exemption is available to bona fide Florida residents who live in, and claim a residence as their permanent and primary home. This Florida perk can save homeowners up to $50,000 in property taxes.
Missing the Mortgage Interest Deduction: Itemized deductions on your Federal income taxes can be a great way to lower your tax bill. You can deduct the interest portion of your mortgage payments. That might mean your itemized deductions will now exceed the standard, saving you tax dollars. Your first mortgage isn’t the only loan that qualifies, either. In many cases, you can also deduct interest on home equity loans, second mortgages, and home equity lines of credit.
Neglecting Your Home Office: To qualify for this deduction, your office space must be used regularly and only for business. You can deduct a proportionate amount of a number of expenses, including insurance, repairs, utilities, services, and depreciation, which can really add up. Or you can use the simple method of multiplying the square footage of the office by $5 for your total deduction.
Tax benefits can make homeownership in Florida even more attractive than the year round warm weather. GlenLakes in Hernando County not only had a low milage rate of 18.7875 for 2015 compared to other Florida counties but also has an outstanding portfolio of homes. Designed for easy living and gracious entertaining, GlenLakes offers estate homesites for building or choose from a stunning inventory of homes. For more information on becoming a homeowner in GlenLakes, click here.