As a homeowner, you are most likely eligible for some significant federal tax benefits that renters simply can't enjoy. Talk with your tax advisor about these common deductions that may reduce your taxable income: 1. Mortgage Interest
2. Local realestate (property) taxes
3. Interest on home equity (loans or lines of credit)
4. Loan discount points if you purchased or refinanced your home in 2007
5. A portion of home-improvement costs if you have a home-based business or rent out part of your home
What about....? Some expenses that people often think are deductible, but usually are not include: Home improvements Homeowners dues Mortgage, homeowner, flood, or other insurance costs.
Call or email for additional information regarding these properties or selling your property. I am an expert on exhanges, investments, probates, bank owned, commercial, multi-family units, and land. 388 South Lake Avenue, Pasadena, CA 91101 Call: 626 8275151
