3 Tax Breaks Homeowners Shouldn’t Forget » Mortgage Masters Group

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The tax deductions homeowners get for mortgage interest and property taxes save $335 per month in taxes, so subtract this from total monthly housing cost of $1,731 to get an after-tax housing cost of $1,396.

To succeed, be sure to take every tax deduction, credit or income adjustment to which you’re entitled to prevent overpaying your share. Here are 10 tax breaks – some for itemizers only, others that any filer can claim – that often get overlooked but could save you some tax dollars.

The ones that do probably shouldn’t be in business. decades of promoting affordable housing with subsidies and mortgage-interest deductions, which are the third-largest category of tax expenditure,

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Or maybe you just want to live in a certain neighborhood where there’s no rental market to speak of. If that’s not enough, then consider that buying a home could potentially save you thousands of dollars on your taxes each year thanks to the tax breaks below. source: 3 tax Breaks Homeowners Shouldn’t Forget – The Motley Fool

3 Tax Breaks Homeowners Shouldn’t Forget. mentioning that in order to take advantage of the property tax and mortgage interest deductions, you need to itemize deductions on your tax return.

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