*   Mortgage Interest

You can deduct the interest you pay during the year.

 

*   Moving Expenses

If you moved because of a change in your new employer's locations or because you started the new job, you may be able to deduct some of your moving expenses.

 

*   Repair to Rental Property

General repairs may qualify as deductions in the year they are paid for. Also keep track of major improvements as they are deductible when you sell or through depreciation.

 

*   Capital Improvements

The cost of mahor improvements can be deducted from the taxable gain when you sell your home.

 

*   Capital Gains

If you sold your home last year, you can exempt the first $250,000 of profit ($500,000 for married taxpayers filling a joint return).

 

*   Points

Point paid at the time of a purchase are fully deductible in that year. The points you pay when you refinance are deductible over the life of the loan, and any remaining unamortized points from the previous loan are able to be written off in that year.