home tax deductions

The Scoop on Home Tax Deductions

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Are You Getting All the Home Tax Deductions You’re Entitled To? Owning a home can pay off at tax time if you know what home tax deductions you’re entitled to. Take advantage of these home ownership-related tax deductions and strategies to lower your tax bill: Mortgage Interest Deduction One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. (For more details on this and other deductions in this post, see IRS Publication 530.) To get the mortgage interest deduction, your mortgage must be secured by your home — …

Tax breaks for homeowners

6 Tax Breaks for Homeowners

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Tax Breaks: What you Need to Know as a Homeowner The dreaded tax filing season is upon us. Make the season brighter by taking advantage of all the tax breaks you can. Homeowners, rejoice. Here’s six you may qualify for: 1. Mortgage Interest Deduction Mortgage Interest Deduction (MID) is a top tax break for homeowners, which can save you a significant amount of money. In the beginning, the majority of your monthly mortgage payments go toward loan interest, and you can deduct all the interest from your mortgage on your taxes. Keep Form 1098, issued by your lender, with your important records. This form explains exactly …