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 tax exemption
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.
Home modification credits
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.
Care expense credits
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.
About the Author
Nancy Roberts
Nancy Roberts Realty was founded to provide integrity and innovation, honesty and good old-fashioned customer service. Our mission is to provide the most professional real estate services available in Western North Carolina (including Burke, Catawba and Caldwell Counties.) With our expertise and dedication, we will guide you through buying or selling.
Nancy Roberts Realty was founded on integrity, innovation and good old fashioned customer service. We treat you the way we like to be treated with honesty and respect.
We are relationship people, your not just a customer to us but a new friend. We are skilled at matching people with properties - we listen carefully to your needs to find you the perfect property.
Our mission is to provide the most professional real estate services available in Western North Carolina (including Alexander, Burke, Catawba and Caldwell Counties.)
With our expertise and dedication, we will guide you through each step of the buying or selling process, including choosing a lender, home inspector and moving company.
Let us help you find your property today!
