Vacation Home

Homebuyers: Can you deduct seller-paid points?

(NAR) National Association of Realtors, Home Mortgage, Income Tax, Mortgage loans, Tax Deduction / Douglas Freeman

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying […]

Homebuyers: Can you deduct seller-paid points? Read More »

Home is where the tax breaks might be

Deductable Expenses, Deductions, Home Mortgage, Income Tax, Itemized Deduction, Tax Deduction, Tax Savings / Douglas Freeman

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize deductions in order to take advantage

Home is where the tax breaks might be Read More »