Home Owner Deduction Traps on Your 1040 Schedule A Form

Make sure you are entering the right numbers in your home owner related tax forms.
Image: Rayes/Digital Vision/Getty Images

Some home owners may be aware of the major items in the tax laws that they are allowed to take advantage of on their 1040 – Schedule A IRS Form, but there are several items explained in an article from the National Association of Realtors that are not quite as well understood.

Some common areas where mistakes can occur if you file a Schedule A include:

• Line 6: Real Estate Taxes
• Line 6: Tax Calculations for Recent Buyers and Sellers
• Line 10: Properly Deducting Points
• Line 10: HELOC Limits
• Line 13: Private Mortgage Insurance
• Line 220: Casualty and Theft Losses

Home owners can learn more about these deduction “traps” and how to avoid them in more detail here:
http://www.houselogic.com/home-advice/tax-deductions/schedule-form-6-home-deduction-traps/