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Using Your Move as a Tax Write-Off

If you moved to Austin last year, you may not be done saving on moving costs. Tax season is officially upon us, and All My Sons Austin wants every homeowner to know of the numerous ways in which you can use your home as a tax write-off.

1. Job – If you moved for a job and the job is at least 50 miles away from your old home, you may be able to claim moving costs (that your employer did not cover) on your taxes.

2. Mortgage and Refinancing – If you moved to Austin over the past year and had to take out a mortgage loan, you can write-off origination and discount points on your tax return. One point is equal to 1% of your principal loan amount. Since these points are prepaid interest, the IRS will allow you to claim them on your taxes.

3. Home improvement loans – If you had any construction work done to your home in 2015, and you used a home improvement loan, you can use the interest paid as a tax write-off.

4. Property taxes – This only applies for property taxes that do not include appraisal fees, credit reports, and title insurance costs.

5. Energy-efficient updates – Local Austin moving companies always stress that new homeowners (even current homeowners) should never forget to write-off energy-efficient updates implemented the previous year. This includes storm doors, windows, insulation, or air conditioning and heating systems.

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