The Real Estate Encyclopedia
What Are A Homeowners Interest Tax Deductions?
Category - Home Ownership Questions - Home Insurance FAQ's

Home ownership is encouraged by the Federal government by providing income tax benefits such as tax deductions, deferments and exclusions to buyers of homes. 

 

These tax advantages are different for a property used as a main or primary residence than for any property purchased for investment purposes.  In general, homeowners may deduct the following fitems rom their gross income to reduce their taxable income:

 

       mortgage interest payments on first and second homes that meet the definition of qualified residence interest.

 

       real estate property taxes, but not interest paid on overdue taxes

 

       certain loan discount points

 

       certain loan origination fees

 

       loan prepayment penalties

 

       casualty losses to the real estate not covered by insurance

 

 
Category(s)
Home Ownership Questions - Home Insurance FAQ's
Home Buying Questions - General Home Buying FAQ's
Home Ownership Questions - General Home Ownership FAQ's
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