Home Sweet Homeowner Tax Break

To own your own home is not only part of the American Dream, it also comes with benefits…tax deductions!  Homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their tax returns.

Homeowners can claim an itemized deduction for the interest paid on up to $1 million worth of mortgage debt that is used for a primary residence. The same applies for home equity debt interest on up to a $100,000 loan. Your real estate property taxes are also deductible. In addition, large portions of your closing costs are tax deductible.

Tax time is here! It is critical you know all the facts and all the deductions which you are entitled to, so you are able to get the most tax reducing benefits of owning your home and biggest return possible. Individual circumstances may vary.  Always verify your deductions with your CPA.