Loans |
Mortgage — Homeowner Tax Savings
The Tax Advantages of Owning a Home
You probably already know that the interest on your home mortgage is tax deductible, but do you know about all of the other ways owning a home can give you a break at tax time? Here are a few examples.
You probably already know that the interest on your home mortgage is tax deductible, but do you know about all of the other ways owning a home can give you a break at tax time? Here are a few examples.
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 Debt consolidation can cut your taxes too
Beyond helping you lower your monthly payments and interest rate, refinancing to consolidate
and pay off your debt may also cut your tax bill — the interest on a home loan is generally
tax deductible, but the interest on your credit cards is not (consult your H&R Block tax professional
for more details). To see how much equity you may have available for debt consolidation, home improvements
or other expenses, check out our Cash Back Calculator.
Deduct your discount points
You know that home loan interest is deductible — don't forget, points are interest too, and in many cases can be deducted from your taxes.
Deduct the interest for home equity loans and lines of credit
It's not just your first mortgage that can save you money at tax time. If you've taken out a home equity loan or home equity line of credit, the interest you pay is generally tax deductible (consult your H&R Block tax professional for details).
Refinancing now may allow you to deduct PMI premiums
New IRS rules for 2007 can make paying for private mortgage insurance (PMI) a little less taxing.
Little-known tax breaks that can make a big difference
Here are a few tax tips most of us haven't heard before:
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