Income Tax Reduction Programs for Homeowners and Renters

Circuit Breaker Tax Credits - Homeowners & Renters

Elderly (age 65 and over) taxpayers with a principal residence in Massachusetts may be eligible for a refundable credit to reduce their state income tax liability. The tax credit is available to both homeowners who pay property taxes, and renters. The refundable feature means that if your eligible credit exceeds your total state tax liability, the state will send you the difference as a refund. Otherwise your tax liability will be reduced by the credit. For more information, including eligibility requirements – Go here!

If you want to quickly assess your eligibility – Go here!
If you want a printable copy of the Circuit Breaker form – Go here!

Tax Deductions & Credits - Homeowners

Certain homeowner expenses may reduce your federal income tax liability. Homeowner expenses that may qualify for a tax deduction (which reduces your taxable income) or a tax credit (which reduces your tax liability) include:
  • Real estate taxes
  • Home mortgage interest
  • Home mortgage points
  • Mortgage insurance premiums
For more information – Go here!