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Tax Benefits for Homeowners
Owning a home grants a number of benefits, particularly financial perks. If you're like most people, a home purchase will be the greatest financial investment you'll make in a lifetime. Besides enjoying freedom from renting or leasing and the security of building equity in your home, there are also multiple tax benefits. Let's explore the most common tax benefits and how you can receive them.
Mortgage Interest Deduction (MID) While legislation is now being considered by U.S. Congress to reduce or eliminate the mortgage interest deduction for homeowners (MID), this is currently one of the biggest advantages for homeowners. With most home purchases, the total interest can be up to three times as much or more as the actual purchase price of a home! With the mortgage interest deduction, homeowners can take a deduction each year for the interest paid on their mortgage.
For those who meet income requirements (generally for low-income buyers) and who are buying a home for the first time, tax credits of up to 20 percent of the interest may be available.
Making Home Improvements? If making minor or major improvements to your home, you might qualify for an interest deduction on your home improvement loan. This ... more

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