During tax season there are some mistakes you don’t want to make as a home owner. Whether you’ve just bought your first home or you’ve bought and sold many homes, it’s important to make the right moves in order to avoid the dreaded audit. Big tax mistakes include:
1- Being too aggressive with home office deductions. If you work from home, be sure that’s solely what the space is being used for.
2 – Not deducting for private mortgage insurance (if you qualify).
3- Confusing home improvements with home repairs. They aren’t the same thing.
4 – Not making the right kind of energy efficient deductions.
5 – Throwing away important paperwork. Keep everything in case of an audit.