New Hampshire and Maine Homes and Condos

Portsmouth New Hampshire Homeowners

Portsmouth New Hampshire Homeowners - are you aware
of the potential tax benefits of homeownership? 

The biggest reason for buying homes in Portsmouth NH,
and anywhere else, is for home and shelter.  Did you also know that there are
tax benefits when it comes to being a homeowner, too?  Some are deductible only
in the year that you buy your home or condo, and others may be deductible beyond
that.

 

Potential tax benefits for homeowners:

• Points - these are one of the tax deductions you may take on
  your income tax return for the year you bought your home or condo.  Points may
  be deducted whether you as the buyer paid them or the seller paid them on your
  behalf.  Check with your tax preparer to verify that. 
  

  
  
  
• Loan Origination fee - this is another of the fees that may
  be deductible on your return for the year in which you purchased your home or
  condo.  And again, this may be deductible whether you paid it yourself or the
  seller paid it on your behalf.  Check with your tax preparer on this as
  well.

• Mortgage Insurance Premiums - these amounts may be deducted
  on your tax return, and the insurance premiums must be in connection with your
  home acquisition.  Your tax preparer can determine if this deduction applies to
  you.
  
  
• Mortgage Interest - the interest you pay monthly in your
  mortgage payment is deductible yearly, up to a maximum of $1,000,000 on a
  mortgage.  Other interest that you pay that may fall into this category could be
  interest on a home equity loan or other loan where your home is used as
  collateral or secured by your home.
  
  
• Property Taxes - property taxes you pay on your home and a
  second home that you own may be deductible on your income taxes each
  year.

For more specific information on Homeownership Tax
Deductions, check out the IRS
Publication 936 (2007), Home Mortgage Interest Deduction

As always - please check with your professional tax preparer to find
out what deductions you qualify for.


               

Buying real estate in Portsmouth NH can be a
fun and enjoyable process - I’d love to help you achieve your goal of buying a
new home or condo, AND have fun doing so! 


And NOW is a fabulous time to be a buyer in today’s real
estate market in Portsmouth and surrounding towns in New Hampshire and
Maine!


Related Articles of Interest For Portsmouth
NH Homes and Condos Buyers:

• 6 Reasons Why NOW Really is a Great Time to Buy!!
• Buying a Home or Condo in Portsmouth NH and
  Seacoast Areas 
• Portsmouth New Hampshire - A Great Place to Call
  HOME! 
• Coastal Condo Living in Portsmouth NH and
  Seacoast Areas
• Portsmouth NH Homebuyers - Interest Rates at 3
  Year Lows! 
• Selling A Home in the Portsmouth NH and Maine Areas

        

             





                                  
 
Ann Cummings, New Hampshire & Maine REALTOR
  RE/MAX
Coast to Coast
  Portsmouth NH
  ann@anncummings.com
  888-349-5678 x
3839
  Servicing the
Coastal Areas of NH & Southern Maine                    



                        
           

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