Tax Season is Quickly Approaching...
now is the time to start preparing!


Did you know that if you own your home, there are some tax deductions that you may be able to take advantage of to lower your tax bill?

Prepaid Interest Deduction  
If you purchased a home and paid "points" you may be able to deduct it during the year you paid it.  If you purchased a home this year, don't miss out on this one!

Mortgage Interest Deduction 
You may be able to deduct the interest you paid on the mortgage of your home each year on mortgages up to $1,000,000 (or $500,000 if you are married and filing separately).

Property Tax Deduction 
The real estate taxes you pay may be used as a deduction each year that you pay them. If you purchased a home this year, don't forget to check your closing statement to see if you pre-paid your real estate taxes.  If your taxes and insurance are paid out of an escrow account, check your escrow statement for the amounts that were paid toward your real estate taxes. 

PMI Deduction  
If you pay Private Mortgage Insurance on your mortgage, you may be able to deduct this if you meet the income limits.  If you did not put down a 20% down payment when you purchased your home, you may be paying PMI. 

Taxes are complicated, so it is a good idea to consult a tax professional to guide you when filing your taxes.  A reputable tax professional should be able to help you maximize the deductions available to homeowners and to lower your tax bill!