Denver Homeowners Get a Tax Deduction on Your Mortgage Interest

Interest paid on mortgages secured by a first or second
home, or an investment property, are usually entirely
deductible.

It is not unusual to pay points to the lender at the time of
purchase or refinance.  These points
are deductible, provided they are amortized over the life of the loan.  Prepayment penalties may also be tax
deductible.

You may be able to deduct interest paid on a home equity
loan. 

Real estate or property taxes are fully deductible from your
income.

Along with ordinary business expenses, you can take
depreciation deduction to the extent that a portion of your home is used for
business purposes.

Certain selling costs are deductible:  real estate broker commissions, title
insurance, legal fees, advertising expense, and necessary repair and
redecorating expenses, in certain
circumstances.

You may also be able to deduct some of your moving expenses
if your move is the result of a new
job.

Consult your tax advisor for specifics as to how home
ownership can have positive tax benefits for
you..

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