First Time Homeowner Tax Deductions

April 2nd, 2008 categories: Real Estate Tips, Sacramento

TaxDeductions Yes, you heard it right. The tax man cometh, but not to worry if you bought your home in 2007, you are about to reap the rewards of homeownership.

Your Payoff Date is Finally Here!

You didnt have to buy a house or condo just in Sacramento. You had to buy a house of condo anywhere in 2007.

Not only do you own your very first home as a new homeowner but there are some great surprise deductions that you can take as a new home buyer that turned you into a new homeowner.

Real Estate is King when tax time comes some are one time only deductions and others can be deducted every year.

If you paid points when getting your real estate mortgage loan, in the tax year you purchased your house or condo and even if the seller paid your points, you may be able to deduct that amount.

Loan originations fees that you paid on your mortgage loan for your condo or house and even if the seller paid them, may also be considered as a deduction.

The mortgage insurance premium is yet another fee associated with your condo or house that may be considered as a deduction. This deduction is subject to your adjusted gross income.

And of course for everyone that owns a home or condo, the interest paid on your mortgage loan is considered as a deduction up to $1 million on a mortgage. Equity lines of credit where interest is paid is also a consideration for deduction. And for those lucky home owners who own a second home, the interest paid on that loan may also be a deduction.

Property taxes are a deduction as well. Remember to look at the tax bill carefully to make sure that the taxes being paid are in fact the correct amount. This is a good time to double check the figures as mistakes are often made.

Additionally home improvements made due to medical care are also considered a deduction. Even if you made other home improvements be sure to keep those receipts for later on when you sell your home. They will come in handy to reduce your net.

As always, be sure to check with your tax consultant to verify these deductions or go to IRS Homeownership Tax Deduction publication to read further about moving expenses and if you qualify.

Enjoy the benefit of homeownership now and for many years to come.

For those thinking of buying a home or condo this year or a second home, be sure to read all the many deductions that you are awaiting you for paying taxes next year.

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If you are thinking of relocating as a home buyer or simply considering selling your house, be sure to check a FREE Sacramento MLS of homes for sale.

Other Real Estate Tips:

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What are the ABC/s of Buying a HoUse?

New Home Buyer Information You Need to Read

Property Taxes-Something for Homeowners to Consider

Homeowner Tips and Home Buyer Tips

First Time Home Buyers in Sacramento-Congratulations!

Shall I Buy A House or Rent?

Do You Pay TOO Much in Property TAX?

This entry was posted on Wednesday, April 2nd, 2008 at 4:43 pm and is filed under Real Estate Tips, Sacramento. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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