The Real Estate Encyclopedia
What Are A Homeowner’s Interest Tax Deductions?
Category - Home Ownership Questions - General Home Ownership 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:


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


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


Ø       certain loan discount points


Ø       certain loan origination fees


Ø       loan prepayment penalties


Ø       casualty losses to the real estate not covered by insurance


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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