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Don’t Forget about Homeowner’s Tax Breaks!. there are some valuable deductions and exclusions if you own a home. Here are some of them:. Taxpayers that have a mortgage on their property and itemize their taxes can deduct the amount of mortgage interest paid during the tax year. You.
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· Pro #3- Tax Benefits . If homeowners itemize their tax deductions, they can typically deduct mortgage interest on the first $750,000 on first and second homes. This is especially helpful for retired people who no longer have many options to reduce taxable income (i.e. 401(k) contributions). Remember to keep in mind that tax laws can change at any time.
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