Top 5 Tax Breaks Every First Time Homebuyer Must Know

Top 5 Tax Breaks Every First Time Homebuyer Must Know

1. Mortgage payment interest deduction...The biggest tax break after buying a home is often the mortgage interest deduction. This deduction covers interest paid on up to $1 million worth of loans and is especially beneficial for borrowers with new mortgages, since they pay more interest.

2. Mortgage credit certification ...this program is intended to help lower-income individuals afford home ownership.  Unlike a deduction, which reduces your taxable income, this credit directly counts against your tax bill and lowers what you owe.

3. Mortgage points deduction ...Mortgage points are prepaid interest that also qualifies the borrower for a lower interest rate over the life of the loan. Because it's still a payment against interest, it qualifies for deductions.

4. Home improvements ... If you use a home equity loan or other loan secured by your home to finance home improvements, these loans will qualify for the same mortgage interest deductions as your main mortgage

5. Home office deduction ...If you work from home, you can take a deduction for the room or space used as your office.  This includes working from your garage, if you have your own repair business, as well as a typical office space.

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