Tax Deductions for Homeowners

Tax season is upon us. Many of us are scouring our bills and receipts to see what we can write off. There are several tax benefits to being a homeowner.

1. Mortgage Interest – The biggest tax benefit to being a homeowner. The mortgage interest you pay over the course of the year is tax deductible.
2. Private Mortgage Insurance (PMI) - If you put less than 20% down on your home, you’re probably paying PMI, you can deduct this cost from your taxes.
3. Energy-efficient upgrades – You can receive tax credits for these upgrades.
4. Property Taxes – You can deduct your state and local taxes.
5. Medical improvements – if you added a ramp, or anything medically necessary to your home, you may be able to write it off.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.