Home Buyer Tax Break

Tax breaks ease the cost of mortgage. Buying a home is when you begin building equity in an investment instead of paying rent. And Uncle Sam is there to help ease the pain of high mortgage payments. The tax deductions now available to you as a homeowner will reduce your tax bill substantially.

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Though the first-time home buyer tax credit is no longer an option, there are other deductions you can still claim if you’re a homeowner. The biggest is the mortgage interest deduction , which previously allowed you to deduct interest from mortgages up to $1,000,000; under the Trump Tax Plan, that limit has been lowered to $750,000.

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Home Buyer Tax Credit: How to Cash In – Here’s what you need to know to make the home-buyer tax credit pay off for you. As long as you buy a home in 2010 before the program expires, you can claim the tax break on your 2009 federal tax.

Home Mortgage Interest Deduction. The mortgage interest deduction is one of the biggest home tax breaks and is a crucial new homeowner tax credit. It covers interest paid on loans of up to $1 million, or $500,000 if you’re married but filing a separate return.

One of the biggest breaks being trumpeted is a new $8,000 first-time homebuyer tax credit. I say “new” because some believe it completely replaces the $7,500 tax credit passed as part of last year’s.

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