Sunday, March 5, 2017 / by Jessica Holcomb
7 Tax Breaks for Every Homebuyer
With all of the tax rules changing constantly homeowners need to stay up to date on the latest tax code. The government provides tax breaks for existing and new homeowners to create a robust real estate market. Homeownership offers many home tax deductions, credits and other breaks that are not available to renters. Here are 7 tax breaks that can lower your tax bill. Always check with your CPA to ensure you are following the latest tax laws.
1. Home Mortgage Interest Deduction - this is one of the biggest tax deductions available. It covers interest paid on loans of up to $1 million, or $500,000 if you are married but filing a separate return.
2. Mortgage Interest Credit - provides another opportunity for home owners to claim a tax break for mortgage interest they paid. If you invest less than 20% as a down payment on your home than you are most likely paying mortgage interest. You can refer to your lending institutions annual statements for the amount you paid.
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1. Home Mortgage Interest Deduction - this is one of the biggest tax deductions available. It covers interest paid on loans of up to $1 million, or $500,000 if you are married but filing a separate return.
2. Mortgage Interest Credit - provides another opportunity for home owners to claim a tax break for mortgage interest they paid. If you invest less than 20% as a down payment on your home than you are most likely paying mortgage interest. You can refer to your lending institutions annual statements for the amount you paid.
3.; ...
