Tax Breaks for Homeowners
A huge benefit of being a homeowner is the ability to take advantage of a number of tax breaks. Check out the possibilities.
Hopefully, part of the reason you decided to buy a home and stop renting is for the tax breaks. And there are quite a few of them!
Depending on your income level, you can deduct several expenses associated with owning a home, including mortgage interest, real estate taxes, private mortgage insurance (PMI) and any money you paid toward points or origination fees.
If you moved 50 miles or more for a new job, you can even deduct some of your expenses, such as the cost of packing, transporting or storing your household goods.
Remember to consult a tax professional about your particular situation.