Tax Benefits of Owning a Home
AuthorAmanda Dodge. Date:
Owning a home requires you to have a clear picture of your finances. Not only do you need to know what to budget each month for various expenses, but you also have to be aware of tax savings. From deducting mortgage interest to claiming energy tax credits, there are multiple ways to get money back on your tax return. This article will cover the leading tax benefits of owning a home and the eligibility requirements that come with them. Use this guide to maximize deductions so you can save. If you aren’t sure whether you qualify for certain deductions or credits, talk to a tax specialist. They can crunch the numbers for you. Mortgage Interest Deduction A mortgage interest deduction allows you to deduct what you paid in mortgage interest on your taxes. You cannot deduct the whole mortgage, but you can deduct the percentage that is interest. There are … Continued
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