Homeowner Tax Breaks

tax benefits for home buyersTax season is here. What can homeowners deduct from their filings? While it’s always best to consult with a tax professional, we have a list of the benefits some reap just for owning a home. Note that these are for a primary residence, as the IRS only allows you to declare one main home – AKA where you spend most of your time.

Always:

·         Real Estate Taxes

·         Mortgage Interest

·         Business Expense (Do you work out of your home?)

·         Rental Income (Do you rent out a room or two?)

Sometimes:

·         Pre-payment Penalties

·         Mortgage Insurance Premiums

·         Mortgage Points

·         Late Payments

You can find more information direct from the IRS here: http://www.irs.gov/pub/irs-pdf/p530.pdf. Remember that taxes are tricky, and your best bet is to always speak with a pro. Give us a call if you have any questions about homeowner benefits. 

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