Explanations of tax deductions for homeowners
Other than being absolutely fulfilling, owning a home has other advantages too. One of these advantages is the fact that, home owners are eligible to certain tax benefits for the period that you send in your home. Some of these home owner tax deductions include:
The mortgage interest deduction, which is offered to you once you purchase your house and includes you being allowed interest deductions for all of your payments in any mortgage that is up to $1 million.
The other tax deduction that is availed for home owners would be the Equity Loan Interest deduction and involves some people being able to have some of the interest that s paid on a home equity loan deducted.
Additionally, the Interest on a Home Improvement Loan id another tax deduction that is enjoyed by home owners, not forgetting to mention that property tax would be another form of deduction that is fully deductible from the income tax form the homeowner’s Form 1040.
Other tax deductions are; the Home office deductions, the selling costs tax deduction, the Capital Gains Exclusion, the Moving Costs deduction and finally, the Mortgage Tax Credit deduction.