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Did you know the IRS offers homeowners a slew of tax breaks that can help counteract the cost of owning or buying a home? Take a look at some of the common tax breaks homeowners can act on when filing taxes in 2024.
Interest can be deducted up to $750,000 of mortgage debt (or $375,000 for married couples who file separately.) Since your interest declines over time, you can expect tax benefits to decline over time.
Real Estate Taxes
You can deduct state and local property taxes during the year you pay them, up to $10,000 a year ($5,000 for married couples filing separately.)
Home Office Deduction
For small business owners (or self-employed) who operate their primary place of business exclusively from their home. As a note, there are many rules to follow carefully in order to claim successfully. Be sure to work with a tax expert who can help you successfully make your claim.
- Medically necessary home improvements
- Home sale
- Energy efficiency such as installing solar panels and solar water heaters
Whether it’s Game Day or just because, we’ve found a scrumptious appetizer that is sure to be a crowd pleaser – Homemade Soft Pretzels!
What you’ll need: butter, brown sugar, flour, active dry yeast, baking soda, salt, and mustard or cheese for dipping.
Are you ready to brush off the snow and ice, and looking forward to warmer days ahead? You’re not alone! Our beautiful state has so much to offer when we all start to thaw out!
- Visit Holland’s iconic 95th Annual Tulip Time Festival between May 4 through May 12
- Cruise around Mackinac Island by bike to explore more than 1,300 miles of bike trails, or stick to the 8-mile flat outer perimeter with the whole family
- Visit the Grand Rapids Farmers’ Market or your favorite local farmers to support local communities
- Spring into Frederik Meijer Gardens & Sculpture Park and explore Michigan’s finest botanical garden and artwork.
- With over 32,000 miles of shoreline (ranked second in the U.S. only to Alaska) Michigan is a boaters paradise. Dust off your boats, kayaks, jet skis, canoes and more and hit Michigan’s waterways
- Spring means fishing season! Charter a Guided Fishing Trip in Grand Haven or hit up your favorite local watering hole
- Hunt for Petoskey Stones (our state rock!) along the shore of Lake Michigan
- Spring marks the start of runners’ season! Partake in a local 5k or marathon, or sign up for The Town Crier in Saugatuck
- Take an extended trip to the U.P in March for the opening of the Soo Locks in Sault St. Marie to catch the big freighters move from lake to lake
- Catch Opening Day for the West Michigan Whitecaps at LMCU Ballpark in Comstock Park
At Community West Credit Union, we guide home buyers through the process with a range of mortgage services that help them purchase their first home or upgrade to a dream property. As a member-owned, not-for-profit organization, we’re fully invested in our communities and proudly provide several mortgage options and resources.