You still have time to get in on a tax benefit before the end of the year. Did you know you can write off your mortgage interest of your house payment? And if you have refinanced or taken out a home equity loan some of that mortgage interest may also be deductible. You will receive a 1098 Form from your lender for the previous year’s mortgage interest paid.
Did you know if you have a vacation or income home, you may be able to write off that interest also. You just need to spend at least 14 days residing in it, but you can also rent it out for a certain time period.
While mortgage interest can be deducted on your taxes, you will need to be able to itemize your deductions, instead of just taking the standard deduction. Your taxes will not be as simple to do, but the benefits of lowering your taxes can be worth the extra effort. Depending on the amount of interest you have paid you may or may not have enough to itemize.
Please be sure to always check with your tax advisor for specifics on what you can and can't do. Happy house hunting!!! Patsi Williams email@example.com