Besides being a huge investment, buying a home can save you in other ways. With home ownership comes a wealth of new tax side effects, and some of them can be extremely profitable! If you’re a new homeowner, you might not know all of the tax deductions that you can receive. Luckily, this post by David Bakke at the HR Block blog will help you out:
1. Home Mortgage Interest Tax Deduction: The most valuable tax deduction for a first-time home buyer is the mortgage interest tax deduction.
2. Points Are Tax Deductible
3. You Can Deduct Property Taxes
4. Private Mortgage Insurance is Usually Tax Deductible