Tax Benefits for Homeowners


Don’t forget these tax savings when doing your taxes!

Mortgage cancellation relief is extended for another year. Households that have mortgage debt forgiven by a lender in 2013 as a result of a modification, short sale, or foreclosure will not have to pay tax on the amount forgiven.

Mortgage insurance premiums remain deductible. Tax filers making less than $110,000 who pay for mortgage insurance can deduct the cost of their premiums on their 2012 and 2013 tax returns. read more

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