can I really write this off on my primary residence...?

[Kenny Smith]

Owning a home has a lot of great benefits! Building long term wealth, growing equity, stable monthly payments just to name a few. But, some people do forget about some of the tax write offs that go along with owning a home.

1. Property taxes - although property taxes are the one variable when it comes to increases every 2 years, the IRS DOES allow these to be written off for up to $10k (or $5k if married and filing separately).

2. Mortgage interest - so this is the big one. Property owners can write off all of the interest they paid each year in interest (The rule is that you can deduct a home mortgage’s interest on the first $750,000 of debt, or $375,000 if you’re married and filing separately.)

3. Residential energy credits - you probably hear about it all of the time the next solar guy stops at your door, but you CAN write a percentage of these off. Things like solar panels, solar water heaters, geothermal heat pumps, and small wind turbines can all qualify for a write off. However, it is only a percentage of the total cost, and that percentage is going down year by year, so if you are thinking about doing it, best not to wait.

In summary, make sure you are taking full advantage of all of the write offs the IRS allows you to take!  After all, you've earned it :)