{"id":168,"date":"2013-01-28T20:24:39","date_gmt":"2013-01-29T04:24:39","guid":{"rendered":"http:\/\/julianalee.com\/blog\/?p=168"},"modified":"2013-01-28T20:43:50","modified_gmt":"2013-01-29T04:43:50","slug":"tax-savings-of-home-ownership","status":"publish","type":"post","link":"http:\/\/julianalee.com\/blog\/tax-savings-of-home-ownership\/","title":{"rendered":"Tax Savings of Home Ownership"},"content":{"rendered":"<p>Most homeowners are very aware that mortgage interest can often be a deduction from their income taxes. The maximum outstanding mortgage debt\u00a0 for which interest is deductible is $1 million. The maximum outstanding home equity debt for which interest is deductible is $100,000.<br \/>\n<a href=\"http:\/\/www.irs.gov\/publications\/p936\/ar02.html\">http:\/\/www.irs.gov\/publications\/p936\/ar02.html<\/a><\/p>\n<p>Deductions for premiums for mortgage insurance (PMI) are not as well understood. If you were required to get PMI to receive financing on your home, then <strong>PMI can be a deduction<\/strong>.<br \/>\n<a href=\"http:\/\/www.irs.gov\/publications\/p936\/ar02.html#en_US_2011_publink1000259859\">http:\/\/www.irs.gov\/publications\/p936\/ar02.html#en_US_2011_publink1000259859<\/a><\/p>\n<p>Points on your mortgage are slightly more complicated. For a <strong>home purchase, points can be decucted in the tax year you paid them<\/strong>. For a refinance, the points generaly have to be amortized over the life of the mortgage.<br \/>\n<a href=\"http:\/\/www.irs.gov\/publications\/p936\/ar02.html#en_US_2011_publink1000229936\">http:\/\/www.irs.gov\/publications\/p936\/ar02.html#en_US_2011_publink1000229936<\/a><\/p>\n<p>When you pay your income\u00a0taxes after purchasing a home, be sure to look at your closing statement (often called the HUD-1 form). Sometimes there are fees such as prepaid taxes or interest which can be deductible.<\/p>\n<p>If you spend money to improve your house (rather than maintenance) keep records so that you will be able to deduct the cost from an increased sales price in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most homeowners are very aware that mortgage interest can often be a deduction from their income taxes. The maximum outstanding mortgage debt\u00a0 for which interest is deductible is $1 million. The maximum outstanding home equity debt for which interest is deductible is $100,000. http:\/\/www.irs.gov\/publications\/p936\/ar02.html Deductions for premiums for mortgage insurance (PMI) are not as well [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[53],"tags":[11,54],"class_list":["post-168","post","type-post","status-publish","format-standard","hentry","category-taxes","tag-mortgages-loans","tag-taxes-2"],"jetpack_featured_media_url":"","uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"Juliana Lee Team","author_link":"http:\/\/julianalee.com\/blog\/author\/juliana-lee-team\/"},"uagb_comment_info":0,"uagb_excerpt":"Most homeowners are very aware that mortgage interest can often be a deduction from their income taxes. The maximum outstanding mortgage debt\u00a0 for which interest is deductible is $1 million. The maximum outstanding home equity debt for which interest is deductible is $100,000. http:\/\/www.irs.gov\/publications\/p936\/ar02.html Deductions for premiums for mortgage insurance (PMI) are not as well&hellip;","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/posts\/168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/comments?post=168"}],"version-history":[{"count":6,"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/posts\/168\/revisions"}],"predecessor-version":[{"id":175,"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/posts\/168\/revisions\/175"}],"wp:attachment":[{"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/media?parent=168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/categories?post=168"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/julianalee.com\/blog\/wp-json\/wp\/v2\/tags?post=168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}