People’s Trust Insurance (PTI) recognizes that purchasing a house is most people’s biggest investment. With tax season now officially underway, the company is offering tips to help Floridians take advantage of tax deductions available only to homeowners.
Everything from mortgage interest and property taxes to new energy-efficient property and moving expenses can be deducted, potentially saving a homeowner thousands of dollars when they submit their tax forms to IRS. The last day to file income taxes this year is April 18.
“Our company is all about helping Floridians protect their most important asset, and there are many ways homeowners can use their house to save on taxes,” said George Schaeffer, the company’s Chief Executive Officer. “These tips can be a silver lining for homeowners in the midst of what is often a stress-filled time.”
Although homeowner’s insurance itself is generally not tax-deductible, there are two major exceptions: There may be a deduction available if you use your home for business with a home office, or if you rent out part of your home or own separate rental property.
Florida homeowners who itemize their taxes are eligible for a number of other tax deductions or credits, simply by virtue of owning a home. These include:
- Mortgage interest deduction – A credit is available for the interest portion of your mortgage payments. Check your monthly mortgage statement for how much interest you paid in 2016.
- Residential energy-efficient property credit – This is offered for homeowners who made their homes more energy efficient in 2016. The IRS website contains specifics on this potential credit.
- Non-business energy property credit – This credit is available for Florida homeowners to offset some of the costs of qualified energy efficiency improvements, such as insulation, specific roofing materials, exterior doors, and windows and skylights.
- Moving expenses – If you moved to start a new job in 2016, you may be able to deduct reasonable moving expenses. To qualify, you must have moved at least 50 miles and worked fulltime for at least 39 weeks in your new location.
- Casualty, disaster and theft loss – Many Floridians were impacted by the hurricanes that hit Florida. If you suffered a loss that was the result of a sudden, unexpected or unusual event – not just a hurricane, but other kinds of storms or even theft – you may be able to deduct uncompensated losses relating to your home and valuables.
- Property taxes – Property taxes may be unavoidable when you own a house, but the amount you paid in 2016 can be used as a deduction on your federal income taxes.
These are just some of the deductions and credits available to homeowners. More information is available at www.irs.gov.
About People’s Trust Insurance
Founded in 2008, People’s Trust Insurance has emerged as one of Florida’s top 10 home insurance companies, providing affordable Florida homeowner’s insurance rates and benefits not available anywhere else. Honored with the 2013 Enterprise Florida Governor’s Innovators in Business Award, People’s Trust provides a “Better Way” for over 145,000 Floridians to insure their homes. With more than 600 employees in its family of companies and an affiliation with Florida’s largest residential insurance restoration general contractor, People’s Trust is Florida’s best-prepared home insurance company and a full partner in policyholders’ recovery after loss.