One of the best things about owning versus renting is that you can take a tax deduction on interest you paid on your mortgage loan (subject to limitations, and only if you itemize, etc., etc., etc.). Also, points you paid at closing, and your property taxes.
Want to know all about it? Details, here.
One thing – if you bought last year and are doing your taxes for the first-time as a homeowner, you’ll probably end up getting a big, fat tax refund.
That’s bad.
It’s your money. No need for the federal government to hold onto it all year. It should be in your pocket.
Go to the human resources department of the company for which you work, and talk to them about changing your withholding status. Have less taken out of your paycheck.
You won’t get a big refund next year, but I’m sure you’ll appreciate having a couple extra bucks in your pocket each week, instead.
Source: First-time home buyers’ guide to taxes – By Kay Bell • Bankrate.com, by way of The Boston Globe
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