March 15th, 2016 | Tax Benefits
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.
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.
The Nonbusiness Energy Tax Credit lets you claim a credit for installing energy-efficient home systems