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Tax Credits and Deductions Every Homeowner Should Know
 
You may have more tax deductions than you know
Tax season is just around the corner. Have you already planned for your annual federal and state income tax deductions? If you are a homeowner, your home provides many tax benefits that you can take advantage of. Here’s a breakdown of all the tax credits and deductions—from the time you buy your home through to when you decide to sell it.  
 
Tax Deduction #1: Mortgage Interest PaidWhen you own a home you can subtract the interest you paid on your mortgage loan and your property taxes from your total income.  The deduction of mortgage interest from tax obligation is a significant benefit because interest payments can be the largest component of your mortgage payment in the early years of homeownership.  
 
Tax Deduction #2: Points The first year you buy your home, any points (origination fees) you paid to the lender as part of getting your mortgage loan also count as deductions from your income. You can deduct the full cost of any loan origination fees or points as long as the lender calculates them as a percentage of your loan, whether you or the seller paid them at closing. For refinance on the first home ... more

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