 |
|
 |
How will tax breaks help you buy a home? Shifting from making a rent payment to a higher monthly mortgage payment can seem daunting. But, the federal government makes it easier. When you rent, none of your payments can be deducted from your taxes. But, most home buyers can deduct every dime they pay in interest and property taxes. The benefits are magnified in the first years of home ownership because more of the monthly payment is interest. Best of all, you can pocket the tax benefits (making in easier to make your payments) from the first day you are in your new home. Simply adjust your tax withholding at work. That will put extra dollars in your paycheck every month. This strategy can offset a significant part of your monthly mortgage payment.
|