Owning a home has many advantages come tax time, and you need to ensure you are taking as many as will apply to your personal situation.

Mortgage Interest- This is one of the best tax breaks for homeowners. Say you have a $250,000 30- year mortgage on your home....this could result in upwards of $10,000 in interest tax relief.  If you own Vacation Property you can also use the interest paid on that as well.

Real Estate Taxes- Deductions paid for local real estate taxes can be substantial. This can result in an even greater tax break than the Mortgage Interest deduction.

Mortgage Insurance- Homeowners who do not have a 20% equity in their home are required to have Private Mortgage Insurance, which results in 0.5-1% of their total loan amount. Deducting these payments can add up.

Mortgage Points- If you recently purchased a home in the tax year, you paid 1% of the total mortgage in points.  You are eligible to deduct your Mortgage Points for your tax year purchased.

Home Office- Work from home and have an IRS approved office? You're in for even greater tax savings in the form of several different deductions; example- square footage of your office. If your office square footage is 5% of your home, you can deduct 5% of your properties utilities, homeowners insurance, taxes and more.

Always consult with your local CPA for the exact Tax Deduction Benefits you are entitled to.

For more Homeowner Tips, visit our website!