Digital Move Portal
Loan Servicing Portal
I can help you!
Visit My Site
I can help you!
Visit my Page
Homebuying, Selling & Relocating
Homebuying, Selling & Relocating-Homebuying,-Selling-Relocating-2-2-Homebuying, Selling & Relocating-
Industry Newsroom-Industry-Newsroom-3-2-Industry Newsroom-
Loan Options-Loan-Options-4-2-Loan Options-
Premia Life-Premia-Life-5-2-Premia Life-
Homeownership Provides Tax Benefits
The U.S. Tax
code supports the American Dream of homeownership. Tax breaks can save you thousands of dollars from closing costs to property taxes.
Your lender is required to issue a 1098 Mortgage Interest Statement each year to help with the tax process. Below is a list of various tax deductions that may be available to you.
Closing costs – Home mortgage interest and specific real estate taxes for the previous year may be deducted if you itemize your taxes. Be sure to hold on to your closing documents for tax time.
Annual mortgage interest deduction – Typically, you can claim interest paid on up to a $750,000 first mortgage.
Private mortgage insurance (PMI) – If you put down less than a 20% down payment, you may be paying PMI. If you meet income qualifications, you can claim this deduction.
State and local taxes (SALT) – These taxes may be claimed up to $10,000.
Other tax benefits exist for qualifying energy-efficiency improvements and home offices.
What’s not deductible on your taxes
While tax code changes each year, typically you cannot deduct:
Dues to a homeowner’s association
Repairs and improvements, except those required for medical care or accessibility, and certain energy-savers
Please consultant your tax advisor on all tax opportunities with owning a home. Remember to keep good records on all improvements and repairs, it may be helpful when selling your home and may reduce the likelihood of paying capital gains taxes.
The consumer should always consult a tax advisor for information regarding the deductibility of interest and other charges in their particular situation.
- Jun 11, 2021
You might also like
2022 Conforming Loan Limits
Loan limits have increased for conforming loans. This means more home buyers taking advantage of the benefits of a conforming loan.
- Jan 21, 2022
Move in. Start saving.
- Dec 22, 2021
HR Pros: Create Financial Wellness for Your Employees
Financial wellness should be part of your employee wellness program.
- Oct 04, 2021