Top Tax Breaks On Owning Property #3
June 6, 2007
There’s no place like home to find shelter. Home ownership offers a score of tax deductions and credits designed to help offset the cost of housing and to keep the housing market fueled with new buyers. Here’s a look at the Top Tax Breaks.
Points: Each Point equals one percent of the loan principal. Points are charged by lenders as part of the cos of the loan. You can fully deduct points associated with a home purchase mortgage, but not a mortgage broker’s commission. Refinanced mortgage points are deductible too, but only when they are amortized over the life of the loan. Once you refinance a second time, the balance of the old points from a refinanced loan offer an immediate write-off, as you begin to amortize the new points.
*Everyone’s tax situation is different, visit the Internal Revenue Service’s site for more details or contact your CPA or tax preparer to verify that this applies to you.
Posted in All Things San Diego, Helpful Hints, Lending, Real Estate, Taxes, Things of Interest
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