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Tax Benefits of Owning a Home

March 15th, 2016 | Tax Benefits

Tax Deduction Benefits of Homeowners

 

TAX DEDUCTION BENEFITS FOR HOMEOWNERS

by 1 STOP Mortgage.

From mortgage to property tax deductions, here are a few of the tax benefits of owning a home. Take advantage of these home ownership related tax deductions to lower your taxable net income.
To get the mortgage deduction, your mortgage must be secured by your home.

 

Mortgage Interest
Interest a homeowner pays on a mortgage up to $1 million dollars is deductible when you use the loan to buy, improve or build a home.

Property Tax Deduction
You can deduct the real estate property taxes you pay on your home.

Private Mortgage Insurance (PMI) and FHA Insurance Premiums
A homeowner can deduct the cost of PMI as mortgage interest if you itemize on your tax return.  This only applies to loans taken
out in 2007 or later.

Energy-Efficiency Upgrades
The Nonbusiness Energy Tax Credit lets you claim a credit for installing energy-efficient home systems

 

 

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