Slash Your Costs With Secret Homeowner Tax Strategies
Mortgage Interest Deduction
One of the most well-known tax benefits for homeowners is the mortgage interest deduction. If you itemize your deductions, you can deduct the interest paid on your mortgage, which can lead to significant savings. This deduction is particularly beneficial for new homeowners whose payments are primarily interest. According to the IRS, you can deduct interest on the first $750,000 of mortgage debt if you purchased your home after December 15, 20171.