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.

Image title



Mary Taylor Headshot
Author:
Phone: 214-631-9068
Dated: May 2nd 2016
Views: 1,332
About Mary: Mary Taylor grew up in Fort Worth and is proud to call herself a Texan. Soon after starting a career...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

5 Reasons To Sell This Fall - 5 Reasons to Sell This Fall
Renting A Home Is Getting More Expensive - Many people assume that renting is
Homeownership Is A Precondition Of The American Dream - Hearth just released their
Mortgage Rates At Lowest Level In Nearly A Year - According to the Mortgage Bankers

Our Bloggers

The Doyle Team * - 2
Comprar Casa DFW * - 4
Nikki Acker - 3
Gabrielle Armstrong - 5
Cara Balderas - 54
Tami Bennett - 45
Ramon Bermudez - 2
Justin Blackburn - 1
Jessica Boozer - 18
Rhonda Borgne - 1
Olivia Borowski - 1
Jennifer Boyd - 2
Deborah Boyd - 390
Jamie Brannagan - 1
Kathryn Brick - 1
Annette Bruen - 47
Moira Brunken - 18
Beverly Bryant - 24
Ana Cantu - 1
Lisa Cardillo - 53
Bob Cardillo - 4
Lucina Cervantes - 11
Gregory Cornett - 2
Angela Cotten - 88
Missie Craig - 12
Greg Cunningham - 2
David Darty - 1
Sarah Dieter - 9
Belinda Duff - 5
Eva Duffy - 5
Leah Ecob - 15
Kristine Edens - 3
Jill Elliott - 99
Laneal Ernest - 9
Nicole Espinosa - 27
Christopher Evans - 1
Heather Feragotti - 8
Mark Fischer - 2
Susan Florsch - 12
Jennifer Flynn - 9
Leslie Fogle - 101
Larry Frassinelli - 6
Chad Gabriel - 58
Shalee Garza - 10
Marcos Garza - 1
Tammy Gill - 1
Timothy Gilliam - 2
Christina Gonzalez - 5
Brigette Goode - 1
Wilma Goodwin - 2
William Graves - 5
Jimmy Hanks - 1
Kristen Henderson - 1
Candie Hernandez - 1
Beth Herr - 1
Hunter Howard - 1
Sandra Hunt - 92
Bill Hurd - 3
Gary Hutchings - 20
Rachel Jama - 47
Trenton Johnson - 15
Marla Johnson - 1
Felicia Johnson - 79
Dakota Joyner - 9
Sunil Kanjia - 6
Jemi Khan - 26
Leigh Klotz - 5
Amber L Johnson - 9
Michele Lafortune - 22
Wanda Lewis - 2
Dylan Lochhead - 1
Maria Lopez-Jones - 1
Stacy Lynn Massar - 27
Chuck May - 1
Jennifer Menting - 17
Mikki Migis - 8
Richard Mikus - 1
Sean Moniri - 21
Naddia Morales - 10
Candace Mozingo - 1
Mark Mulch - 19
Erick Murphy - 6
Steve Murray - 1
Julie Nicholson - 10
Nikki Okpuzor - 3
Alan Oliver - 7
Kelly Oltmann - 4
Kaysone Orlando - 1
Holli Paddio - 3
JP Piccinini - 50
Julie Ann Pickering - 85
Ann-Marie Pope - 2
John Priestash - 36
Joshua Putman - 111
Mimi Rader - 1
Shelia Randolph - 33
Teneka Ray - 1
Go 2 Girls Realty - 173
Bethany Rowan - 15
Kristi Roy - 1
Kelly Rumney - 9
Amy Jo Saenz - 3
Linda Scardis - 4
Sandy Setliff - 221
Christine Shannon - 30
Rene Sinclair - 27
Shelby Smith - 3
Rebecca Smith - 1
Bryce Smith - 5
Monica Solkhon - 1
Rodrigo Sotomayor - 16
Jenna Stanley - 9
Tim Stoll - 42
Kelley Stubbs - 3
Melodie Sulgrove - 1
Seana Taylor - 217
Mary Taylor - 15
Kevin Taylor - 15
Julian Taylor - 17
Erica Taylor - 54
Angela Taylor - 1
Karla Terrell - 2
Joey Thomas - 2
Michele Thompson - 6
Jason Todd - 24
Andrea Trimble - 55
Sarah Uber - 3
Yael VanGruber - 1
Diane Velez - 18
Debbie Viverito - 132
Rachel Walsh - 2
Nick Walton - 75
Spring Weeks - 9
Clint White - 2
Michael Worley - 164
Martina Worley - 2
Keisha York - 30
Audra Young - 1
Debbie Zurita - 17

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6136 Frisco Sq Blvd, #200
Frisco, TX
972-375-9448


Other Locations