3 Tax Breaks Homeowners Shouldn’t Forget » Mortgage Masters Group

The biggest homeowner tax break for most people is the mortgage interest deduction, taken on Schedule A, Form 1040. You can generally deduct the interest portion of your monthly mortgage payment with your other itemized deductions. Mortgage interest is generally interest on any loan that is secured by your home or second home.

Luckily, Uncle Sam realizes that community owning a home can be a tough cross to bear, and is happy to cut you a little slack in the form of tax credits and breaks! Read on to see the 5 best homeowner tax breaks that you should be aware of in 2016. The Big Homeowner Tax Break – Mortgage Interest Deductions

Tax Breaks for Homeowners. Buying gives a great feeling of starting a new chapter in life, of having "arrived." But make no mistake, owning a home is a huge financial responsibility, probably the biggest you’ll ever have.

Tax Deductions for Homeowners: How the New Tax Law Affects Mortgage Interest 3 Tax Breaks Homeowners Shouldn’t Forget Almost all homeowners know that mortgage interest and property tax deductions are tax breaks. Here are three others that you don’t want to overlook.

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Unfortunately, there’s one tax reform wrinkle you won’t like. For 2018 and later years, the write-off for sales tax is added to your local property taxes, and the law sets a $10,000 a year.