Use Your Home To Maximize Your Tax Returns

Use Your Home To Maximize Your Tax ReturnsDeduct Your Mortgage Interest To Yield A Bigger Check From The IRS

Owning a home has a variety of benefits. You get to build equity in your property as you amortize your mortgage, rather than throwing money away on rent. You get to have the security of providing a shelter for your loved ones. You get a canvas across which to paint your family’s treasured memories.

Another, very tangible, benefit of being a homeowner comes to life during tax season. When you itemize your deductions on Schedule A of your Form 1040, you get to note the interest you paid on your mortgage as a deduction. If you used your home loan to buy, improve or build your home and are filing single, you can deduct up to $500,000. Married couples filing jointly can deduct up to $1,000,000.

If you have a home equity loan, you can deduct the interest paid on that as well, as long as the debt from that loan and your first mortgage do not equal more than the value of your home. People filing jointly can deduct up to $100,000, and those filing single can deduct up to $50,000.

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