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 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.
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.
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.
Licensed since 1983 Donna is a well known and well respected veteran of the local real estate market. Donna has made her mark as both a manager of a brokerage firm and as an agent. Ms. Coakley McGowan has participated in extensive training in residential real estate and specializes in both Buyer and Seller Agency.
"I am extremely pleased to welcome an Associate of Donna’s caliber and expertise” said Judy Leonelli, Owner. "I have known Donna for many years and have admired her professionalism and talent for the pragmatic resolution to the difficulties that can arise during a transaction. When Donna is involved you know there will be a successful outcome.”
Ms. Coakley McGowan has lived in Upton since 1995 and knows the area and all of its attributes. She currently serves the Town of Upton and the Regional School District as Chairperson of the School Committee. She and her husband Mark and their two children reside in Upton.
