The top 7 tax savings for homeowners

April 15 is near, which means tax time is here. You know the song--but are you singing the right tune? Here are the top 7 tax savings that you might be eligible for as a homeowner, culminated from H&R Block and Bill Bischoff's Smart Money.

1. You can deduct the interest on your principle residence up to $1 million. 
2. You can deduct the interest on your home equity line of credit up to $100,000.
3. Your real estate property taxes are a deduction.
4. The loan discount point(s) you paid on your mortgage is a deduction.
5. Your private mortgage insurance is a deduction.
6. You may be able to deduct the interest on a construction loan you take out to build a home.
7. The taxes your condo or townhouse association pays on your behalf could be a deduction.

Your eligibility will depend upon whether you qualify for these deductions and any new regulations that have been passed. Connect2Agent is not a tax authority and has garnered this information from the sources referenced above. Please make sure you contact a professional, licensed tax consultant to find out your eligibility for real estate deductions.

If you enjoyed this post, you might want to read:

• How to get money for your house bills
• How to save money on your real estate taxes
• How to get rid of Private Mortgage Insurance

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Posted by Rebecca D. Levinson

Comments

[David A. Patterson, Broker CRS ABR]

Your eligibility for TAX DEDUCTION #5 will be partially based upon whether the mortgage insurance (PMI) contract was initiated in 2007 and is only available to taxpayers whose adjusted gross income does not exceed around $110,000 ($55,000 for married taxpayers filing separately).

Legislation has been passed extending this tax deduction for private mortgage insurance through 2010. More information can be found in H.R. 6111 (look in Act 419-Code 163-6050H). NOTE….I’m not a CPA or Tax Attorney. You should consult one of these professionals for complete accuracy.