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Income Tax Tips for Homeowners

Income Tax Tips for Homeowners

Its tax time again and if you are a homeowner there are some things you should know before you file your taxes this year. If you are not a homeowner yet, what are you waiting for? Interest rates are not going to get any lower and there are some great loan programs like Rural Development Loans that don’t require a down payment. If you are getting a tax refund this year, put it towards buying a house so you can reap the benefits of home ownership next year at tax time. For those of you that do currently own a home and have a mortgage, mortgage interest is still tax deductible. Congress has tried several times to repeal this deduction but thanks, in part, to the National Association of Realtors they have been unsuccessful. Mortgage interest is most people’s largest deduction if you are able to itemize your taxes. If you have a mortgage, more than likely you will have enough mortgage interest to itemize and be able to deduct what you paid in interest on your taxes. Real estate property taxes are also deductible in most cases. If you live in this area, your property tax bill is probably sizeable and will also give you a nice tax deduction. Make sure you check with your accountant or tax preparer for advice on your own tax situation as everyone’s circumstances are different. If you are paying PMI (Private Mortgage Insurance) on your mortgage those premiums are no longer tax deductible. The premiums were deductible in some situations previously, but sadly that ended in 2015. If you have taken out...

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