Homeowners, are you maximizing your tax savings this year?

As the deadline to file taxes begins to approach, the Kansas City Regional Association of Realtors wants to remind homeowners of the many tax benefits, savings and deductions they can take advantage of by simply owning a home.

While there are many social and personal benefits of owning a home, the most significant benefits come in form of financial benefits available at tax time. Both new and seasoned homeowners may be unaware of some of the fantastic tax breaks that come with owning a home.

As advocates on behalf of homeowners in the Kansas City area, KCRAR has compiled a list of just some of the deductions, credits and tips that many homeowners may not be aware of:

Mortgage interest deduction. If you took out a loan to pay for your primary or a secondary home, you can deduct the in terest paid on your mortgage up to $1 million. These savings can add up very quickly and one of the most substantial financial benefits to home ownership.

Property tax deductions. A portion of a homeowner’s monthly loan payments is taxes, which can be deducted annually. If you bought your home during this tax year, remember to pull out the settlement sheet you received at closing for more tax deduction data. When you purchased the property from the seller, the year's tax payments were divided so that you were responsible for paying the taxes during the portion the year you owned the home; and your share of those taxes is deductible.

Energy efficiency tax credit. This provision allows homeowners to claim a tax credit (or a dollar-for-dollar reduction in taxes) of up to 10 percent of the amount spent, up to $500, for many green improvements done to their home that year. If you installed energy-efficient windows or solar panels in your home, make sure that is reflected in your tax returns.

Home improvements. When it comes to taxes, home improvement expenses are not something homeowners can generally deduct on their taxes. However, improvements done to meet a medical need can be deducted. For instance, if you installed a wheelchair ramp or added handrails, you can deduct these projects as medical expenses. Still, you cannot deduct the entire cost of the equipment or renovation, only the amount left over when the added value to the home is subtracted from the cost of the improvement. Also, be prepared to document that the improvement is medically necessary by having at least one letter from a physician stating the need.

These tax benefits are extremely important to homeowners, and Realtors want to make sure you have access to these deductions and credits each year. In fact, as one of the nation’s largest lobbying groups, the National Association of Realtors and the state and local Realtor Associations, such as the Kansas City Regional Association of Realtors, fight to protect homeowner rights to ensure that benefits such as the mortgage interest deduction remain available.

To find a Realtor to learn more about homeownership and its tax breaks, visit www.KCRealtorLink.com.

This story was originally published March 25, 2016 at 7:03 PM with the headline "Homeowners, are you maximizing your tax savings this year?."