Hope Leitner, Realtor®, CRS

 I want to share the HOMEOWNER'S TAX GUIDE with you. I trust you will find the information contained within is helpful to you.  Click here to view the guide . If you know of anyone who would find this information useful, please pass it along to them or have them give me a call. This guide is an overview of the Federal Tax Code as it relates to homeowners. Please note the guide is for informational purposes only.  For information and advice related to all tax matters, please contact your tax professional. If you need a referral for a tax professional, please let me know.  If you have any questions about this summary, please give me a call! (858) 382-3763. Your trusted real estate agent, Hope Leitner

Owning a home can pay off at tax time. Take advantage of these home ownership related tax deductions and strategies to lower your tax bill: Mortgage Interest Deduction One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home - and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a toilet. Interest you pay on a mortgage of up to $1 million - or $500,000 if you're married filing separately - is deductible when you use the loan to buy, build, or improve your home. If you take on another mortgage (including a second mortgage, home equity loan, or home equity line of credit) to improve your home or to buy or build a second home, that counts towards the $1 million limit. If you use loans secured by your home for other things - like sending your kid to college - yo