How Home Ownership can SAVE you in taxes

By |2014-10-30T15:45:18-04:00July 7th, 2014|Categories: Itemized Deductions|Tags: , , , , , , , , , , , |


There are 4 simple ways in which owning a home can Save you in taxes:

1. Mortgage interest deduction – owning a home allows you to deduct the interest you pay for your mortgage. This is usually the biggest tax break for most people because a large portion of your house payment goes toward interest. This is especially true at the beginning of a mortgage. You can deduct all the mortgage interest you pay given that your loan is for less than $1 million. This includes any interest you pay on a loan to buy your home, the interest on a home equity line of credit, or home […]