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6 Housing Related Tax Deductions You Don’t Want to Miss!


It’s tax season and it’s a great time to talk about the benefits of home ownership specifically in regards to saving money on your income taxes.

As you prepare to file your tax returns, there are a number of housing related expenses that you should discuss with your accountant because they MIGHT save you money on your income taxes. Here are our top 6:

  1. Mortgage interest you’ve paid
  2. Any discount points or origination fees you paid in the last year to get your loan
  3. Property taxes you’ve paid
  4. Home office related expenses are also sometimes tax deductible
  5. Certain moving expenses especially if you relocated for work
  6. Mortgage insurance.

Mortgage insurance (or MI) is the new kid on the block. Congress created this tax deduction in 2007 as a way to help boost the distressed housing market. It had a sunset clause, but it has since been extended through 2016 for qualifying borrowers.

As with all tax deductions, there are limitations, but it’s a conversation you should be having with your CPA especially if your adjusted gross income is less than $110,000.

On behalf of the whole Boise team at Benchmark mortgage, we hope this tip helps you save money!

Benchmark is a mortgage bank. We have local processing, local underwriting and a local appraisal panel. Our goal is to help our clients save money not only when they take out a loan, but also after closing… and we’d love to help you too.


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