What tax benefits are there to homeowners?

Kalamazoo & Portage Michigan Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.

Contact Information

Joel Nelson

Keller Williams Realty Kalamazoo

8075 Creekside Drive

Portage, Michigan, 49024

Office: 269-492-7582

Cell: 269 760-1558

Fax: 888-234-7221

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