These tax breaks can help homeowners save big on their taxes this year!

During the past summer, a Senate committee approved different tax extender bill provisions which will lead into 2016. The bill worked to extend many tax-related deductions and credits that were expiring to help give taxpayers a break through the upcoming year.

Consider these tax breaks that could help you save on your federal tax bill next year.

Mortgage insurance premium deductions

Lenders have been much more cautious about mortgages, which has led to more and more people needing private mortgage insurance, or PMI. In years past, you were not allowed to write off your PMI costs, even if it was required by your lender. Thanks to the tax extender bill, you are able to claim and deduct your PMI payments if you qualify and itemize your deductions.

Mortgage debt forgiveness

If your home was foreclosed on or you qualified for a repayment adjustment plan, you will not have to claim the forgiven debt as part of your income on your tax return. This rule has been extended many times, including being extended into 2016.

Energy efficient improvement tax credit

You have the chance to qualify for tax credits of up to $500 if you install qualified windows, insulation, doors, and/or a roof at your house. While it may seem like a big task to take on, adding energy efficient features to your house can help you save big when it comes to your taxes and your energy costs.

For more information on tax deductions that you can qualify for as a Solana Beach, California homeowner, contact the experts at Ranch & Coast Mortgage Group Inc. We can help with all of your housing needs to ensure that you are taking advantage of all the benefits that are available to you.