Tax Deductions for Homeowners!
Significant savings are coming your way if you’re a homeowner! Many clients, and especially our first time homebuyers, are unaware of some of the great tax deductions and credits that may be available for them.
Typically, the largest savings is found in the interest paid on a mortgage. The amount you pay in interest is tax-deductible. Check out your savings on Bankrate’s calculator here!
Another major deduction is in your property taxes. As weird as it sounds to have tax deductions, you may deduct the amount paid on property taxes from your income tax. You may also get a break if you paid points to get a better rate on your home loan, too!
As always, we recommend that clients speak to their tax adviser regarding their specific situation.