Tax season is just around the corner, and for homeowners, there are a few property-related deductions that can make a significant impact on their tax bill. That’s where you come in. By sharing these insights and tools, you can help the people you know to maximize their savings—while positioning yourself as a valuable resource in the process.

5 Common Property-Related Tax Deductions*

1. Mortgage Interest Deduction

Homeowners can deduct the interest paid on mortgages for their primary residence, which can significantly reduce taxable income. This deduction often provides some of the biggest savings for homeowners, especially in the early years of a mortgage when interest payments are higher.

2. Property Tax Deduction

Property taxes paid to local and state governments are generally deductible up to certain limits. This deduction helps lower the overall tax burden for homeowners, making it a valuable benefit to remind clients about as they finalize their tax paperwork.

3. Home Office Deduction

For those who use part of their home exclusively for business, the home office deduction can be beneficial. Qualifying homeowners can deduct a portion of their expenses related to the home office space, which can be a significant savings for those who meet the criteria.

4. Energy-Efficient Home Improvement Credits

Homeowners who make qualifying energy-efficient improvements—such as installing solar panels, energy-efficient windows, or HVAC systems—may be eligible for tax credits. These credits can reduce the overall cost of these upgrades, making energy-efficient improvements more affordable while benefiting the environment.

5. Private Mortgage Insurance (PMI) Deduction

Homeowners who are required to pay Private Mortgage Insurance (PMI) as part of their mortgage may be able to deduct these payments if they meet certain income requirements. This deduction helps offset the cost of PMI, providing additional tax relief for qualified homeowners.

Immediate Action Items:

• ✔ Share a Checklist of Potential Tax Deductions for Homeowners: Send a letter to your clients listing potential deductions and helpful reminders. Breakthrough Broker offers customizable letter templates that you can personalize with your branding.
• ✔ Send Reminders About Property Tax Deadlines: Use Slydial or post reminders on your social media channels to keep clients on track. A quick nudge can be the difference between a missed deduction and meaningful savings.
• ✔ Host a Q&A Session with a CPA on Instagram stories: Partner with a trusted tax professional to host an Instagram Stories Q&A. This gives your audience direct access to expert insights, and you can repurpose key points from the session into feed and story posts for ongoing engagement.
• ✔ Pro Tip: Co-brand a mailable marketing flyer full of helpful tax info with the CPA, and you can each mail them to your respective lists. By doing this, you introduce one another to your respective contacts while providing high-value information to your spheres. It’s a win-win-win.

With the tools and templates available on Breakthrough Broker, you can offer high-value support to your clients, building trust and positioning yourself as their go-to resource.

* This is not tax advice; verify this information with a tax professional before sharing it with your sphere.

** As always, encourage your clients to consult with a tax professional to get the most out of their deductions.