Tax Benefits
with Steve Lavoie
Buying a home offers considerable tax advantages. This
should be a major factor in the decision to purchase. For
the latest information on tax regulations, forms and specific
circumstances, contact a CPA, tax attorney, or the local IRS
office.
Basic Deductions As a homeowner, you should be able to deduct
the following items from your taxable income: (Verify with
your CPA)
Mortgage Interest – Since most of your mortgage payments during
the first few years goes toward interest, this is usually
a substantial deduction.
Property Tax – Tax assessed against a property by the local
government. This is part of your monthly payment (PITI).
You might be able to also deduct home improvement loan interest,
home equity loan interest, depreciation, etc. Consult with
your CPA.
