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Paying taxes is not something anyone likely enjoys, but finding new ways to legally save more money on taxes by claiming new or overlooked tax deductions can make it at least interesting. Owning a home can give you several ways to save on taxes—and there may be some you are not yet claiming—but could.
You probably already are aware of some common tax deductions many homeowners take, but do you know about these overlooked tax deductions?
Interest on Your Mortgage
When buying a home, you pay interest on the amount you borrowed to get it. If you are married and filing jointly or single, you can deduct the interest paid on your mortgage up to $750,000 of the principal balance. If married and filing separately, each person can deduct up to $375,000.
Mike Valles has been a freelance writer for many years and focuses on personal finance articles. He writes articles and blog posts for companies and lenders of all sizes and seeks to provide quality information that is up-to-date and easy to understand.
