Expert Reveals Mortgage Tax Breaks for Home Buyers
In a new Internettaxconnection.com post, tax preparation planner Frank Ellis explains to homeowners the tax breaks they can take advantage of.
October 24, 2016 ( datsyn.com) – “Mortgage Tax Breaks for Buying a Home” has been published at Internettaxconnection.com. Author and tax expert Frank Ellis reveals an additional incentive for buying a home. The tax incentives can lower the taxes one has to pay, the author says. Homeowners have many credits, deductions and write offs that they many might not know about.
Deductions for homeowners include mortgage interest. It is one of the largest tax breaks for homeowners, Ellis says. One can deduct as much as one million dollars of mortgage interest. The author explains how a taxpayer who owns a home can receive the appropriate form to itemize their mortgage interest. He also explains how tax brackets and interest paid determine what the government covers.
Tax deductible mortgage points are also explained. Ellis goes on to explain what these are, providing a clearer picture of how the process works. Points, payed to the lender as a percentage of the loan, are deductible. A scenario is provided to clarify the idea even more. How it applies to purchasing a new home or refinancing is explained, along with how one’s tax status is affected.
In addition to the insights provided about mortgage tax breaks, readers can click on related topics and read articles about W-2 forms , tax credits and deductions for parents, which 1040 form to file, and much more. To find out more about saving on taxes as a homeowner, read the article at internettaxconnection.com/mortgage-tax-breaks-for-buying-a-home/
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.