As mentioned earlier, there are ways to reduce your income taxes as a homeowner.
For instance, if you work in a dedicated home office, you will be able to deduct some of the costs like mortgage repayments, home insurance, depreciation of office equipment, maintenance fees, phone and internet bills, and utility expenses.
If you have a spare room that you rent out, you will also be eligible to claim some tax deductions. Think of it as having a residential rental property. The difference, however, lies in how much you can claim. In this case, you have to apportion the expenses on a floor-area basis based on the area solely occupied by the renter. Know more about other tax benefits homeowners can claim by reading this guide.