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The Curious Bag
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A tax deduction for a homeowner is one of the various itemized tax breaks that a homeowner gets to legally deduct when filing a tax return.
Mortgage Interest
The interest paid on your monthly mortgage payment is tax deductible on your tax return, up to $1 million. Your lender should provide you a form at the end of the year that states how much interest you paid on the mortgage.
Property Tax
Most municipalities levy a tax on real estate property, based on a rate and the assessed value of the home. The entire annual property tax is deductible.
Second Loan
If you obtain a second loan on your property, an equity loan or a home equity line of credit, the interest paid on that loan is tax deductible up to $100,000.
Time Share
If you buy a time-share property and make monthly payments on it, the interest paid on the loan, as well as the real estate property tax, is tax deductible.
Energy Efficiency
Energy-efficient items that you buy for home improvements on your property can be deducted, up to 30 percent of the cost or up to $1,500 until December 2010. These may include energy-efficient windows, light bulbs or an air conditioner.
Source:
Resource:
Smartmoney.com
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