tax deductions for homeowners: Tax Credits and Deductions Every Homeowner Should Know
- 12/30/16 08:47 PM
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 … (1 comments)
tax deductions for homeowners: Significant Tax Benefits of Homeownership
- 06/14/15 10:14 AM
Owning a home can be costly – yes we can’t escape these kinds of expenses tied with owning a home; utilities, repairs, property taxes, mortgage interests, the list could go on. Luckily, there are tax breaks to encourage more people to buy a home. In many ways, there are certain benefits when you purchase a home. Let’s start with federal income tax. Homeowners have opportunities for more federal income tax deductions than renters. How? When you own a home you can subtract the interest you pay on your mortgage loan and your property taxes from your total income. The deduction of mortgage … (1 comments)
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