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  • Home Buying Tax Deductions

    One of the great perks of owning your own home vs renting is the tax benefits. Did you know you can save quite a bit of money on your taxes from purchasing a home? It's true! There are some really great financial benefits when it comes to buying real estate. Do you know all the tax deductions from buying a home? In the article, you will see a comprehensive explanation of each of the tax deductions you can take after purchasing a home.

    Here is a quick summary of some of the provisions in the tax code you should be aware of:
    • Mortgage interest - did you know the IRS lets you deduct the interest you pay on the mortgage you are paying to your lender? They do!
    • Real Estate taxes - the city or town you live in is going to charge you real estate taxes on your property. You can right these taxes off as a deduction.
    • Real Estate Capital Gains Exception- this is a biggie and can be claimed when you go to sell your home. If you are single, 250,000 of profit is sheltered from the IRS. If you are married the amount doubles to 500,000!
    • Private Mortgage Insurance - if you put down less that a 20 percent down payment when you bought your home chances are you are paying private mortgage insurance. You can deduct this cost on your taxes.
    • Mortgage Points - did you pay points with your loan? If you did they are tax deductible.
    • Energy Efficient Upgrades - If you invested money back in your home in the form of energy improvements the government lets you deduct some of this expense.
    • Home Improvement loan interest - like the mortgage interest deduction, if you took out a home improvement loan you can also deduct the interest you paid on the loan.
    • Home office deduction - do your work out of your home? If so you can deduct a portion of the living area in your home used as an office.

    In the above reference, you will see all the home buying tax deductions you are afforded as a homeowner. There are many of them! While I have provided a summary above, the article will give you a comprehensive explanation of each deduction.

    There is a lot of money that can be saved on your taxes but not if you are ignorant to the tax code! Make sure you take all the deductions that are due to come your way.
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