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| Tax Implications |
| Itemized Deductions |
| Even though you are paying interest on your mortgage, did you know that your mortgage is tax deductible? You can take advantage of the following deductions: |
| Sheltered Profits |
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Most homeowners can sell their home without being taxed on sales profits.
Most married couples, filing jointly,
can now shelter home-sale profits of up to $500,000 (singles shelter $250,000)
regardless of whether they buy another home or not.
There are a few rules you'll need to follow to take full advantage of the tax break,
such as owning and living in the home as your principal residence
for at least two years before selling it.
Consult a real estate expert or a financial advisor to learn all the details.
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| With the itemized deductions that a home can provide, you may be able to lower your withholding from your paycheck and collect more money each month. Use Quicken's Tax Planner to determine how your deductions for mortgage interest, real estate property taxes, and loan origination fees and points can lower your taxes. |
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