Property Tax Breaks for 2011, 2012

If you have just entered the world of home-ownership then you may be in for a pleasant surprise this year when you go to file your taxes. There are many tax deductions available for homeowners that could save you a lot of money.

If you would like to claim the most tax breaks possible, then give TurboTax try. They will double check your tax return looking for every property tax break you qualify for.

Mortgage Interest Is Deductible For Property Tax Break

You can deduct the amount of mortgage interest you pay monthly on your mortgage. Usually most of your monthly payment is interest anyways so why not get some of that money back?

You may also deduct the interest paid on a second home as long as you use the home at least two weeks a year.

Paying Points On Your Mortgage

If you currently pay points on your mortgage to get a better rate, then these points are also tax deductible. You may only deduct the points in the year that you paid them off.

Property Tax Breaks

You can deduct your property taxes every year as long as you own your home. The taxes must be paid in full before you deduct them on your income tax return.

• Non-Deductible Items
• Property Insurance Premiums
• Private Mortgage Insurance
• Homeowners Association Dues
• Closing Costs
• Depreciation of Your Home
• Local Assessments

To learn more about all of the tax deductions available for your property, then visit TurboTax Online today. They offer easy to follow instructions and guarantee you the most tax deductions possible for your situation.