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Homeowners still get Substantial Tax Breaks

posted by Stephen Katz @ 1:15 PM
Saturday, March 5, 2011

Tax Day is just over a month away. Below is a list of the three major homeowner tax deductions for 2010.

Mortgage Interest – This is by far the largest tax incentive for homeowners and for most people the largest deduction on the entire tax return.

Real Estate Taxes – The taxes paid on a personal residence and property are another major deduction for homeowners. The amount varies greatly depending on the county you reside, but is typically 1.0 to 2.0% of the value of the home.

Mortgage Insurance – Mortgage insurance paid in 2010 can be tax deductible. However, only mortgage insurance contracts issued from 2007 to present are eligible. There are also income restrictions that can decrease the deductibility.

By the end of January, you should receive a Form 1098, which will show the total amounts of mortgage-related tax-deductible expenses you paid in 2010. According to the IRS, you must itemize these deductions on Schedule A of Form 1040. Additionally, certain eligibility restrictions, such as income limits, may apply. Be sure to consult your tax advisor.

Stephen Katz

(770) 309-0939 (direct) or (866) 742-8400 -- For the past 18 years, Stephen Katz has built a successful business almost entirely on referrals. As your mortgage consultant throughout the home loan process, Stephen will explain the pros and cons of all available mortgage programs and help you choose the financing option that is best suited to your needs. Throughout the loan process, he will keep you informed and will respond quickly to your requests with answers and solutions. Consistently a top producer, Stephen is a Mortgage Bankers Association "Diamond" Award winner, a Georgia Mortgage "Top Gun" and has closed almost half a billion dollars in loans. Put his knowledge and experience to work for you!

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