Name two personal income tax deductions you may take on your annual tax return if your own your own home.?
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#1 written by Tom Z May 20th, 2010 at 08:56
Property tax and Mortgage interest
#2 written by bostonianinmo May 20th, 2010 at 08:56
Sounds like a homework question. Read your book!
#3 written by taxxcpa May 20th, 2010 at 08:56
Property tax and mortgage interest. If you bought the house in 2007 you may have paid points which are also deductible–also, even if the seller paid the points you can deduct them since it is assumed that the ‘points’ were added to the sales price.
Points paid on refinancing, however, must be amortized over the number of months over which the refinancing loan is to be paid.
You can also deduct mortgage insurance for the first time this year.–under new law.