Here's your money briefing for Tuesday, February 18th.
I'm Mariana Aspuru for the Wall Street Journal.
When filing your taxes, it pays to be detailed.
If you're a homeowner, finding tax breaks, deductions,
and credits that apply to you can help you get the most money back on your 2024 return.
Well, tax software is going to walk you through it, but you need to keep the records.
So if you had the energy efficient property that it's called,
if you have the insulation, you need the receipt from your contractor,
and if you have a certain heat pump that was put in,
you need to see from the HVAC company that it's a model that qualifies for the tax credit.
We'll talk with Wall Street Journal reporter, Ashley at Ebbling, about how your home can shelter you from taxes.
That's after the break.
Buying a home is one of the biggest investments for many Americans.
But there are ways to make it less taxing.
Wall Street Journal reporter, Ashley at Ebbling, joins me.
Ashley at how does the process of filing your taxes change when you own a home?
So basically a home is a tax shelter, so to speak.
Tax pairs who itemize deductions instead of taking the standard deduction can deduct mortgage interest paid on loans on their main home and even a second home.
And then they can also deduct property taxes, real estate taxes.
And this is contingent on if someone decides to itemize their deductions,