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Five Tax Breaks for Homeowners
February 10, 2017 /Now that it’s February, most of us have probably emerged from our flabbergasted holiday stupors and (with the help of a strong cup of coffee), finally achieved normalcy just in time for tax season. However, before you panic and begin overturning couch cushions to find the receipts you foolishly lost back in September, it’s useful to remember that plenty of helpful tax breaks exist for homeowners. Tax breaks for homeowners vary widely according to each person’s unique situation. Even so, it helps to be aware of the general options available for homeowners looking to save money during the tax season. Read on to learn more about how your home can help you save money when it comes time to file. Deductions for Mortgage Interest The interest American homeowners pay on a mortgage is tax deductible. For those who are married and filing jointly, it’s possible to deduct your interest payments for mortgages totaling as much as $1 million. Additionally, private mortgage insurance payments are deductible for those homeowners who took on a mortgage after 2006. Overall, these tax breaks make a big difference when it comes to alleviating the financial burden of homeownership. In fact, in 2011 American homeowners benefited…Read more
