Home-Related Tax Deductions Tax season. Just the words can send shivers down your spine. But if you're a homeowner, there's a silver lining: potential savings! You’ve probably heard that you can deduct the interest you pay on your mortgage — but did you know there are many other ways homeowners can reduce their tax burden? Before you start your return, read this post for common home-related tax deductions, eligibility requirements, and tips on how to maximize your savings. Home-Related Tax Savings: The Basics Before we get into the details, it’s important to define some important terms to set the stage. Tax Deductions vs. Tax Credits Most tax savings opportunities for homeowners come in the form of tax deductions. Deductions work by reducing your taxable income — essentially, the government allows you to subtract certain expenses from your total income before calculating how much you owe in taxes. This means a lower taxable income and, ultimately, a lower tax bill...