Home ownership comes with plenty of expenses beyond a mortgage. If you're a veteran with disabilities, you may be able to avoid some common costs of owning a home, including paying property taxes. Here is a guide to some of the ways veterans with disabilities can save on their home ownership tax expenses:
Property taxes make up some of the largest expenses homeowners face throughout the life of the home. Usually paid annually, property taxes vary depending on where you live. However, the tax amount is based on factors like the size of the property, livable square footage and major upgrades like swimming pools.
The good news for veterans with qualified disabilities is many states offer property tax breaks and even full exemptions. To find out if you're eligible for this benefit, seek out local government resources or consult a list of participating states online.
Another way veterans with disabilities can save on home ownership and taxes is with home modification credits. If you make certain improvements or add specific home features to help accommodate your disability, you may be able to claim these expenses as a medical deduction when filing your tax return. Eligible upgrades would include things like wheelchair ramps, widening doorways, chair lifts and any other features meant to improve accessibility at home.
Married veterans can be eligible for the Child and Dependent Care Credit if they've hired additional care services due to disability. The amount of the credit depends on the amount you spend on care during the tax year as well as combined income levels. Due to recent changes, this credit is also completely refundable, which means you can receive money back even if you don't owe any other taxes.
These are all ways veterans with disabilities can save on the ongoing expenses of owning a home. To find out if you're eligible for any of the above benefits, consult a tax professional.
Your "Dear Abbe" of Real Estate!
"I believe in going the extra mile and pride myself for exceeding expectations by giving great customer service and love to negotiate for my clients."
With well over 20 years in the business, Abbe Krasner is a Florida state recognized Licensed Real Estate Broker with Integrity Key Properties LLC.
~ Specialization in Residential, Property Management, Military Relocation & Renovations. ~
Multi-Million Dollar Producer
Nationally Recognized Masters Club Awards and Golden Eagle Awards
Consistent Top Producer rates highest on Customer Satisfaction Member of National Association of Realtors, Florida Association of Realtors, Greater Tampa Association of Realtors, HUD Certification, WCR.
In addition, Abbe holds other licenses and memberships such as a Florida Licensed Notary, Performs Wedding Ceremonies in Florida, a US Coast Guard Aux. Certification, and is a Medical and Military Relocation Specialist.
