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. If you closed on a loan after 2007, you could potentially apply for a deduction based on your PMI payments.
Mortgage interest deduction. A main tax incentive of homeownership is deducting your mortgage interest. If you purchased before Dec. 15, 2017, you could deduct the interest on up to $750k for joint filing and $375k for single filing. 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 your pay property taxes.