Jeremy Drobeck of Treadstone Mortgage meets with tax expert Dennis Greenfield to help people learn about some of the benefit’s to home ownership. Having the ability to take the mortgage interest deduction can in turn open up a whole bunch of other write-offs. Things such as state & local taxes that were paid, property taxes, charitable contributions, etc. . . Watch this video to learn more about these possible deductions.
Update! 10/14/2021 – since this video was produced a lot has changed. In 2018 the Tax Cut and Jobs Act increased the standard deduction thru 2025. Although mortgage interest, property taxes, PMI and many other things are still tax deductible many home owners wont have enough things to itemize on their return to make it worth itemizing. You can find more information about the TCJA here. At the end of the day many home owners wont see any tax benefits when it comes to owning a home. For more information contact your tax advisor.