NEW YORK (CNNMoney.com) -- Your home is your most expensive asset. Come tax time you'll want to make sure you're getting all the tax perks you're entitled to. Here's what you need to know to make owning a home really pay off.
1: Get your buyer tax benefits
One of the most important tax advantages of home ownership is the deduction of your mortgage interest. But there are also plenty of tax benefits for people who just bought a home. For example, you should be able to deduct points, or costs, that your lender charged you when you took out your mortgage. One point equals 1 percent of the loan amount borrowed.
You can even deduct points that the seller pays for you. If you refinanced last year, the points that you pay on a refinanced loan are usually stretched out over the life of the loan, allowing you to deduct a certain portion of the points each year.
2: Know the exclusions
If you sell your home at a loss, you generally can't deduct the loss on your tax return. But if you sell your principal residence at a gain, you may be able to avoid paying taxes on your capital gain.
A capital gain is basically the profit you made when you sold your house. You can exclude from federal income tax up to $250,000 ($500,000 if you're married and file a joint return) of any capital gain when you sell your primary home.
But there are some caveats. You can only use this exclusion only once every two years and you must have owned and used the home as your principal residence for two out of the five years before the sale.
Hold onto receipts for any home repairs or improvements you make (like finishing the basement or remodeling the kitchen). This may increase the base cost of your home (which in turn can lower your tax bite when you sell your home).
3: Deduct your moving expenses
Whether you rent or buy, if you have to relocate because of your job, you may qualify for a moving deduction. And this can mean big tax savings, especially if you moved major cross-country to take a new job. You can qualify for this deduction if your new job is at least 50 miles away from where you live.
There are also a number of other deductions you can take when you move, says Donna LeValley of J.K. Lasser. Expenses like your moving van, moving services, the cost of moving your car or your pets, the use of storage facilities and any hotel rooms you had to stay in while making the move all qualify. Use IRS Form 3903 to calculate and claim these deductions.
4: Tax help for uninsured losses
If your home was damaged in a tornado, a flood, a hurricane or any other "sudden, unusual or unexpected" loss, and your insurance doesn't pick up the tab, you may be able to claim a casualty loss tax deduction.
You can deduct your casualty loss in the tax year of the event or the prior year's tax return (which will get you a quick refund) if the area was declared a federal disaster area.
For the loss to qualify, it has to happen quickly, like a fire or earthquake. Slow losses, like termite damage or rust, aren't tax deductible. Keep in mind, you'll need to show evidence of all the uninsured damage.
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