Your mortgage and your taxes
If you have ever taken out a mortgage, you probably already know of the tax advantage provided by deducting your mortgage interest payments. But many homeowners overlook another tax break available for points paid to get a home loan. In some cases, points also could shave tax bills for folks who refinanced or got an equity loan or line of credit.Cut Taxes with Early Mortgage Payment
A little year-end attention to your mortgage payment could lower your upcoming Internal Revenue Service bill. That means your Jan. 1 mortgage statement represents interest for the month of December, making it a tax-break-eligible bill for this year. By accelerating that payment even by just a day, you get an additional tax deduction for the interest paid.
Can We Take a Tax Write-Off If We Sell Our Home at a Loss?
If you sell your home at a big loss, will the IRS be as unkind as the market?Is mortgage payment help taxable? - The IRS taxes mortgage payments made by your insurer, but you can still deduct interest.
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