Ali Alizadeh Broker
RE/MAX WEST REALTY INC., Brokerage Independently owned and operated
Office: 905-731-3948Mobile: 4163574040Toll Free: 1-800-544-9477

Explanations of tax deductions for homeowners

May 19, 2017 - Updated: May 19, 2017

 

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.

 


Tagged with: explanations tax deductions homeowners real estate realtor
| | Share

Leave a comment...

Please enter the numbers found on the right.

Contact Me

Ali Alizadeh Broker
RE/MAX WEST REALTY INC., Brokerage Independently owned and operated
1118 Centre Street
Thorn Hill, Ontario   L4J 7R9

Toll-Free: 1-800-544-9477Phone: 905-731-3948Mobile: 4163574040Fax: 905-731-4074
Powered by Lone Wolf Real Estate Technologies (CMS6)