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