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Tax Benefits

 

You should always consult with your tax accountant or professional for full details of Tax Benefits.

An excellent benefit of owning your own home are the tax breaks that come with it.

Some possible Tax Breaks include:

  • Interest paid on your mortgage - you may qualify to deduct, dollar for dollar, the interest you pay on your mortgage.
  • Home Improvements - assuming additional debt to improve your primary residence can usually be taken as an itemized deduction on interest paid.
  • Home Equity Interest - Interest paid on a Home Equity line of debt, up to a certain amount, can usually be claimed on your primary residence.
  • Property Tax - If you are living in the home, you can deduct the real estate property taxes for the time you live in the home.
  • Points - If you've paid points on your mortgage, you can deduct them. They can only be deducted in the year that you paid for them (usually the first year).

Some other areas where you may take tax benefits include:

  • Points on a ReFi
  • Purchase of a 2nd home or rental
  • Sale of a home
  • Home office expenses
  • Moving expenses

You should always consult with a tax accountant or professional before attempting to claim tax benefits.

Contact Information

Cathy Smotherman-Erickson
Residential Mortgage Loan Originator

3419 S. Coulter St., Suite 2B, Amarillo, TX 79109
(806) 418.8970
cerickson@ulc.com

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Cathy Smotherman-Erickson, Residential Mortgage Loan Originator
Universal Lending Corporation
3419 S. Coulter St., Suite 2b, Amarillo, TX  79109
Direct:  (806) 418-8970
cerickson@ulc.com
Copyright © 2019 Universal Lending Corporation

Cathy Smotherman-Erikson
Texas NMLS Branch ID 11133666 Colorado License#: 100034801 NMLS#: 391856
Kansas LO.0027454
Regulated by the Division of Real Estate.
Colorado & Kansas Licensed Mortgage Company
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