Today I’ll remind you of items you should include on your 2020 tax returns.
When you finally get around to filling out your tax returns, don’t forget to include the following three items:
1. The interest rate on your mortgage. Every year, the bank through which you got your mortgage will send you a 1098 form, which states how much interest you’ve paid over the year. That interest is deductible on your tax returns.
2. A property purchased in the last year. On the final settlement sheet from your home purchase (if there has been one), you’ll be able to find prepaid taxes and prepaid interest—both of these items are tax refundable.
3. Energy-efficient credits. If you have done any energy-efficient improvements on your home such as replacing your old windows, water heater, or air conditioning unit, you might be eligible to get a tax credit. Before you do your taxes, be sure to check for any energy-efficient tax credits that might apply to you.
If you have any questions or suggestions for a featured topic on our blog, please don’t hesitate to reach out to us. We’d love to help you.