http://www.etax.com <br />Despite heading into the winter season, preparations you take today could make the springtime a little brighter, in terms of tax time savings. For homeowners, itemizing your taxes can help you get a little extra in savings, as you can claim interest that you’ve paid on your first and second mortgages up to $1.1 million, as a deduction. The debt total includes a $1 million in mortgage loans and an additional $100,000 in home-equity loans, which aren’t required to be used solely to improve upon the home’s condition. <br />Interest deductions also apply to second home mortgages. Those who own second homes can deduct maintenance, insurance, and property fees on their home if they rent it out to tenants. <br />In addition to claiming mortgage interest, there are other home-related expenses that can help put a little extra in your wallet at tax time, provided you have documentation. If your home qualifies as a home-office, there are some expenses that can be written off for taxpayers who work from home.
