TAX BENEFITS OF HOMEOWNERSHIPFebruary 2, 2010
When homeowners recently filed their income tax returns, they
got good news when they saw how much their home saved them in taxes.
The first place they saved was on their mortgage interest which they
can deduct from their total taxes due. Plus, most state and local taxes paid
on homes are also deductible.
If the home was sold
during the last year, the
capital gain exclusion can
again provide homeowners
with a tax benefit