5 Tax Benefits of Owning A Home
Did you know that homeowners are eligible for tax breaks? Here are 5 tax deductions that you may qualify for as a homeowner. Talk to your tax preparer to see which applies to your situation.
Mortgage points deduction. Usually, mortgage points are paid to a lender at closing for lower interest rates. Since mortgage interest is deductible, the points you pay are also.
Mortgage insurance deduction. Private mortgage insurance (PMI) payments can be claimed as an itemized tax deduction, though certain income restrictions may apply.
Mortgage interest deduction. Several home loan types qualify for the mortgage interest tax deduction, such as loans for purchasing, building, or improving your home. Additionally, home equity loans, home equity lines of credit, and second mortgages may also be eligible. Talk to your tax professional for more details.
Home office deduction. If a portion of your home is used exclusively for business, you may qualify for a tax deduction.
Real estate tax deduction. You may qualify for a $5k deduction as a single filer or $10k as a joint filer if you pay property taxes.
Mark Liesner, RMLO ID #1445514, Licensed in Texas (but I can help in most states). Edge Home Finance Corporation, 4530 West 77th Street, Suite 365, Edina, MN 55435 NMLS ID#891464 Copyright © 2024. All Rights Reserved. Equal Housing Lender.This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice.All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. #multimillonaire #240 If you are refinancing your existing loan, your total finance charges may be higher over the life of the loan. Other restrictions and limitations apply. Residential Mortgage Loan Originator.
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