Taxes: What You Can and Cannot Deduct
February has arrived and for many of us that means it is time to work on our dreaded yearly taxes. If you are one of the lucky ones who will receive a refund, "Congratulations!" If not, "Welcome to the club!"
Owning a home should get you closer to being in the "refund club", as one of the benefits of homeownership is the tax deduction. Your mortgage interest and real estate tax payments are both deductible. However, your homeowners insurance is not.
If you bought your home in 2005, many of the expenses you incurred at closing are also tax deductible. The mortgage interest you paid at closing is not included on the year end tax information you receive from your lender, so be sure to include that figure in your interest payments. Or better, yet, give a copy of the HUD you received at closing to your accountant.
More detailed tax information can be found on our website. Just click here. Good luck!
February has arrived and for many of us that means it is time to work on our dreaded yearly taxes. If you are one of the lucky ones who will receive a refund, "Congratulations!" If not, "Welcome to the club!"
Owning a home should get you closer to being in the "refund club", as one of the benefits of homeownership is the tax deduction. Your mortgage interest and real estate tax payments are both deductible. However, your homeowners insurance is not.
If you bought your home in 2005, many of the expenses you incurred at closing are also tax deductible. The mortgage interest you paid at closing is not included on the year end tax information you receive from your lender, so be sure to include that figure in your interest payments. Or better, yet, give a copy of the HUD you received at closing to your accountant.
More detailed tax information can be found on our website. Just click here. Good luck!
posted by The Hartanov Team at 3:21 AM
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