It’s that time of year again! A New Year means that tax season is right around the corner. Whether you do your taxes yourself or use a professional, there are some valuable deductions and exclusions if you own a home. Here are some of them:
Home Mortgage Interest
Taxpayers that have a mortgage on their property and itemize their taxes can deduct the amount of mortgage interest paid during the tax year. You will receive a statement from your lender, a Form 1098, which will show not only the interest you paid during the year but any deductible points paid as well.
Real Estate Taxes
Additionally, you can deduct the amount of property taxes that you pay in the calendar year. You must have paid them either directly to the Tax Assessor, through a…