Now That You Have Your Home What Tax Deductions Can You Take Each Year?
In general, most of us know we can deduct Mortgage Interest and Real Estate Taxes. But did you know you can also deduct Mortgage Insurance?
• If you have a Co-Op, you can deduct your share of the corporation’s deductible real estate taxes if the cooperative housing corporation meets certain conditions.
• Sales taxes are also deductible on home improvement and building materials.
• For veterans, Mortgage Insurance provided by the Department of Veterans Affairs (VA) and commonly known as a funding fee is tax deductible.
• Finally, depending on your income, you may be eligible for an interest tax credit if you were issued a qualified Mortgage Credit Certificate. As always consult your tax advisor for details and then enjoy your tax savings.