Tax deductions are one of the top incentives for buying a home.
Owning a home can pay off at tax time!
Interest you pay on a mortgage is deductible when you use the loan to buy, build or improve on your home.
You can deduct the cost of private mortgage insurance (PMI) as mortgage interest.
Prepaid interest (or points) you paid when you obtain a mortgage is usually 100% deductible in the year you paid it along with the other mortgage interest.
The real estate property taxes paid are deductible.
If you made your home more energy efficient, you might qualify for the residential energy tax credit.
This blog post provides general information about tax deductions, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Please consult a tax professional for such advice; tax laws may vary by jurisdiction.
If you have any questions or would like to an initial consultation to review your home goals, please contact Joan Bang at (213) 675-3289 or by email at Joan.Bang@dilbeck.com.