One of the many benefits of owning a home is the extra
savings at tax time. Yes owning a home
is a great benefit when it comes to filing your taxes each year. Whether you do your taxes on your own or use
the services of a professional, make sure you take advantage of these tax
savings opportunities.
Main tax benefits include being able to deduct interest
payments and property tax payments.
Homeowners may also exclude, to a limit, capital gains made on the sale
of a home that previous year. Points
paid toward your mortgage to get a better overall interest rate may also be
deductible.
Certain environmentally friendly updates made to your home
may also be eligible for a tax credit.
As the tax law continually changes and updates it is
important to stay on top of what homeowner deductions or credits you may be
eligible for.
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