We all know doing your taxes is not fun. Having to pay taxes is downright unpleasant. If you are like me, the only enjoyment I receive from filing taxes is trying to find the tax deductions I’m due. As a mortgage broker, obviously, my favorite is the mortgage interest tax deduction. It not only helps homeowners buy a little more home, but it also encourages others to get into the market.

Here are a few things to keep in mind about the mortgage tax deduction, as we get closer to April 15th:

The bad news is that mortgage insurance on conforming and non-conforming mortgages, or PMI on FHA mortgages is not tax deductible, but in some cases there are ways around that too (Happy to discuss this further) In addition, other items like your homeowner’s insurance, most home repairs, with the exception of some energy efficient items, and maintenance are not deductible.

*Points paid for purchases and refinances differ. Make sure you consult a tax professional on how to deduct.

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