Tax Deductions and Credits — For Your Mortgage
Tax season is in full swing. If you haven’t started already, it is important to get a move on with your taxes. There are several deductions and credits that people overlook every year. And your home mortgage loan could help you save a little money. There are deductions (items that lower your taxable income) and credits (items that count toward “paying” your taxes) associated with your home mortgage loan, and you should take full advantage of them.
- Mortgage interest paid. This is common among mortgage tax deductions. You can deduct the interest you paid on your home mortgage loan. There are online calculators that can help you get a better idea of your tax deduction for mortgage interest paid.
- Private mortgage insurance. The premiums you pay for private mortgage insurance can be deducted this year. This deduction actually goes with your mortgage interest paid deduction on Schedule A.
- Property tax credit. You can get a credit on your federal taxes for the state property taxes that you might have paid.
Don’t forget that there is also temporary relief for taxes on mortgage debt forgiveness. If your mortgage lender has redone your loan terms, or forgiven a portion of your home mortgage loan, you do not have to pay taxes on it this year (or next year).
You can learn more about other tax deductions and credits by visiting the IRS.com Web site or speaking with a knowledgeable tax preparer, accountant or attorney.
Tags: mortgage lenders, property tax credit, home mortgage loan, tax deductions mortgage,
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