Five Tax Deductions for Tampa HomeownersYou might have heard about the hidden costs of owning a home, but did you know that there are also many ways that homeowners can save money? These five tax deductions will allow you to keep more money in your pocket when tax time comes around.
1. Casualty Loss Deduction
An insurance policy that covers natural disasters is crucial for anyone buying a home in Florida. You don’t want to be left hanging when the next hurricane sweeps through the state. However, the IRS may also have you covered. In the event of a natural disaster, you might be able to deduct a portion of the loss resulting from damage to your home. This is excluding any amount that your insurance company has already reimbursed to you.