Many homeowners I work with overlook some of the tax benefits and implications of their recent purchase / sale of a home. I thought I’d share with you a handy bit of information I found on H&R Block which outlines some of essential tax information for homeowners.
As you probably know, you are entitled to many excellent tax benefits in terms of home loan interest, property taxes, and other real estate-related issues. A few finer points to consider:
• You can fully deduct most interest paid on home mortgages, but you first mustdistinguish qualified mortgage interest.
• You might be able to deduct points, also known as loan origination fees, maximum loan charges, or loan discounts.
• If you have a vacation home and you didn’t rent it out, you can fully deduct the mortgage interest.
For a deeper dive into any of these issues, you might want to check out the link to article I’ve included below (as well as consult with your tax professional on any of these issues if you have further questions).
Home Ownership Tax Tips: http://bit.ly/8OveFp