4 Tax Breaks Homeowners Should Take Advantage!
Haydn Halsted
1. Deducting points you paid towards your mortgage
The points you pay on a loan to buy, build or substantially approve on your primary residents are fully deductible in the year you pay them.
2. Private mortgage insurance
Also known as PMI. Homeowners who are making less than $100,000 per year can itemize and write it off.
3. Mortgage interest deduction
Probably the most lucrative. If you itemize, you can deduct the interest on loans up to $750,000 used to buy, build or substantially improve your primary residence.
4. having a home office
If you're self employed and you work from your home, you can deduct your money making space and then that can even go towards deducting utilities and insurance.
