6 Tax Deductions You Should Know About Before Filing Your Taxes
By Kristin Hamilton CA REALTOR, (909) 557-6966- Specialize 55+ Communties Banning
(Berkshire Hathaway California Realty)
6 Tax Deductions You Should Know About Before Filing Your Taxes Mortgage Interest Deduction: This will be your highest tax break as a homeowner. When you first purchase a home, the majority of your monthly payment goes towards interest. Therefore, you can deduct all of the interest from your mortgage from your taxes. Refer to the Form 1098 that was sent from your lender which indicates how much money was paid in mortgage interest that year. Mortgage Insurance Premiums: Mortgages with a loan-to-value higher than 80% must also pay PMI (Private Mortgage Insurance). You may be able to deduct the amount that you paid towards this insurance. Energy Star: If you have installed energy-efficient windows, doors or skylights before the end of the year, you may eligible for a tax break. They must...
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