Tax Benefits Of Owning A Home
The article below goes into detail about the different tax deductions you get from owning a home such as the interest deduction and mortgage insurance. Keep in mind and always consult a CPA because mortgage interest can be capped based on your income and sometimes the standard deduction can be more than if you itemized it.
With mortgage insurance, many mortgage professionals and this article, won’t mention that there are limits. According to IRS.gov, If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated.