What are some federal tax benefits relating to home ownership?

Asked by John Watts, Austin, TX Wed Apr 23, 2008

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The Moores', , Templeton, MA
Wed Apr 23, 2008
Dear John,

Visit http://www.irs.gov and search tax credits for homeowners and then within that search search homeowners again.

There are quite a few from business use to insurance premiums to energy and mortgage interest paid.

Hope this helps.

-Karissa
0 votes
The_Bayou, , Newton, MA
Wed Apr 23, 2008
There is a good chance that the mortgage interest deduction will go away. The President's economic advisors have recommended that it be eliminated, and both Obama and McCain have already commented that they are in favor or eliminating it.
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Marcia Wray, Agent, Mount Pleasant, SC
Wed Apr 23, 2008
Did you just ask and answer your own question?
0 votes
Marcia Wray, Agent, Mount Pleasant, SC
Wed Apr 23, 2008
John,

The ability to deduct all the interest that you pay on your mortgages (1st, 2nd, Home equity, etc.) is probably the biggest benefit. For many, this would be the largest deduction on their taxes.

Marcia
0 votes
John Watts, Agent, Austin, TX
Wed Apr 23, 2008
Real estate taxes and Interest paid on primary residence, and a second or vaction home is deductible from your income tax.
Increase take home pay by completing W-4 form.
Homestead and over 65 exemptions
Moving expenses if moving more than 50 miles
Capital gains exclusion up to $250,000 for single individual or $500,000 for married couple
Real estate investors can deduct up to $25,000 per year
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