By Kim Buish
One of the most important benefits of buying a Houston Texas Home is the tax benefits that come with home ownership.
If you haven’t filed your 2015 taxes yet here are the most important tax breaks you should know:
Tax Break #1 – Mortgage Payment Interest Deduction
Did you know that one of the most important tax breaks you will enjoy as a Houston Texas home owner is the mortgage payment interest deduction? This deduction will cover any interest that you’ve paid on your home on up to $1 million dollars-worth of your loans and this deduction is very beneficial for new homeowners because they will traditionally pay more in interest towards their mortgage loans than long time homeowners.
Tax Break #2 – Mortgage Credit Certification
Another awesome deduction you will enjoy as a first time Houston Texas Home Owner is the mortgage credit certification. With this tax credit you will be able to lower your taxable income and ultimately lower the tax bill that you will end up owing.
Tax Break #3 – Home Improvements
Let’s say that you got a home improvement loan after buying your Houston Texas Home, you will be able to qualify for the same mortgage interest deductions that you would enjoy with your main mortgage.
Tax Break #4 – Mortgage Points Deduction
Last of all, but most important, is the mortgage points deduction. With this deduction you will be able to deduct any points that you purchased to lower your mortgage loan payment and since those points are prepaid you will be able to enjoy a lower mortgage interest rate over the lifetime of your mortgage loan.
Search for Houston Texas Homes
To learn more about the tax deductions you will enjoy after purchasing a Houston Texas Home, or to search for homes for sale, contact me, Kim Buish, Realtor® with Red Door Realty and Associates by calling me at (713) 819-1642 or click here to connect with me online.