A big perk of owning your own home are the homeowner tax credits! But what are homeowner tax credits?
A homeowner’s tax credit is a specific tax benefit available to homeowners.
This benefit allows the owner of a home to reduce their income tax rate, deduct certain home-related expenses, or receive a tax credit through a tax credit program.
In 2020, homeowner’s tax credits include:
- Mortgage interest deduction
- Local & state tax credits
- Capital appreciation from the qualified sale of your home