Home Mortgage Interest Deduction

Despite heading into the winter season, preparations you take today could make the springtime a little brighter, in terms of tax time savings. For homeowners, itemizing your taxes can help you get a little extra in savings, as you can claim interest that you've paid on your first and second mortgages up to $1.1 million, as a deduction. The debt total includes a $1 million in mortgage loans and an additional $100,000 in home-equity loans, which aren't required to be used solely to improve upon the home's condition.

Interest deductions also apply to second home mortgages. Those who own second homes can deduct maintenance, insurance, and property fees on their home if they rent it out to tenants.

In addition to claiming mortgage interest, there are other home-related expenses that can help put a little extra in your wallet at tax time, provided you have documentation. If your home qualifies as a home-office, there are some expenses that can be written off for taxpayers who work from home.