INTEREST:
A full deduction for the interest which is
paid to buy, build, or substantially improve
a main or second residence.
POINTS:
The points you pay on your mortgage to buy
or improve your principal residence are
deductible.
PROPERTY TAXES:
The annual property taxes that you pay to
the local municipality are deductible for
your principal residence
LOAN ORIGINATION
FEES: The loan origination fees
which are charged by the bank or mortgage
company are deductible.
HOME EQUITY LOAN
INTEREST: The interest paid for
home equity loan up to $100,000 is fully
deductible.
MOVING EXPENSES: You may deduct the cost for a
professional mover, rented moving van,
moving a mobile home, and travel and lodging
en route, and these only if the new job is
50 miles farther from the old house than the
old job was from that house.
VACATION HOME:
If your vacation home qualifies as a rental
property, you can deduct up to $25,000 of
rental expenses of rental income.
HOME OFFICE:
You can take deductions for a home office
that is your principal place of business for
your most important business functions, a
place where you regularly meet with
customers, or is located in a separate
structure on your property.
RENTAL PROPERTY:
There are many tax benefits for owning
rental property, besides the fact that you
receive the income
PRIDE:
The fact that you own your own home
