| How much can i save on my taxes by buying a home. |
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HackedB
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Is PMl deductable? Interest? Insurance?
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Wil
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PM l may be deductible. See http://lendingtree.com/smartborrower/Down-payments/PMI-may-be-tax-deductible.aspx.
Interest is deductible and remains one the largest deductions that most people get.
Insurance is not.
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North
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PM l , insurance & HOA fees r NOT deductible .
Interest & property tax r eligible for itemizing .
The standard deduction amount is about $5000 in the US .
If ur house interest , property taxes , state income taxes & other deductions add up to more than the standard ,
You end up saving about 15% of that excess over the standard .
check the site for the actual numbers
Form 1040 , schedule A & B or used for itemizing .
http://irs.gov/
have fun !
And l recommend TaxAct for easy online processing of those schedules . . .
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