Portsmouth NH Homes Condos Real Estate

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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