Relax – it’s not tax time, yet, but there is some good news.
The compromise bill that was passed on New Year’s day 2013 did NOT significantly change the home mortgage interest deduction for homeowners. That’s great news for anyone who owns a house and pays income taxes!
Of course the biggest reason to stand up and cheer is that it won’t negatively impact your taxes – you can still deduct the interest you pay on your mortgage. Naturally there are some limits (aren’t there always some limits?), but most taxpayers can still deduct their mortgage interest payments.
Home Interest Deduction Benefits Buyers
Home Buyers – If the fiscal cliff, and the uncertainty about the home mortgage interest deduction, were keeping you on the sidelines … now is the time to get back into the game. Start your search for homes for sale in Ashburn Virginia and make sure to take advantage of your full home interest deduction to save on taxes in 2013.
Check the details about the home mortgage interest deduction with our friends at the IRS, just click link.
Home Mortgage Interest Deduction Benefits Owners
As a Realtor in Ashburn VA, I was interested in the debates going on in Washington DC about eliminating or reducing the home mortgage interest deduction. As a homeowner in Ashburn Virginia, I was watching the debates with even more interest!
Like so many other homeowners, the home mortgage deduction means thousands of dollars in deductions for me at tax time. If they eliminated this personal deduction, most people in Ashburn Virginia would be paying hundreds (or thousands!) of dollars more at tax time.
Owning a home – and the tax deductions that go along with it – has long been a way to put more of your tax dollars into something that benefits you! And, especially right now in 2013, it encourages people to buy homes – that’s good for the homeowner and the overall economy … so even Uncle Sam wins!
Author: Michael Wilson
Loudoun Real Estate
The Wilson Team – Keller Williams Realty