Interest paid on home loans is deductible up to $1 million for a principal residence plus a second home. So, at least some of that mortgage payment you send in each month is deducted from your taxes. Additionally, property taxes on all real estate are fully deductible. Most state and local governments charge property taxes, which are an annual tax on the value of your property. You can deduct all of the real estate taxes that you pay. Make sure to check with your tax consultant to ensure you are taking all applicable deductions as a homeowner.
Labels: deductions, homeowner, property tax