Real Estate Tax for Your Home in Houston

It is always beneficial during the tax season on their own real estate, which gives you many annual deductions. If you have purchased residential goods during this year, you can expect even more generous savings at taxes.

Mortgage interest

Although there are several deductions, you will be able to take this taxation year, the most important thing is the interest you paid on your mortgage. According to Kiplinger (31 August 2006), you can change up to $ 1 million in mortgage interests for your primary or secondary home (does not apply to the third house, unless it's a business or property rental). This can be an enormous tax savings, especially within the first years of ownership with most of your monthly payments going to interest. You can check out the House taxes in Houston at

Property tax

Every year, you can deduct property taxes you paid. If you have recently bought your home, you can also deduct taxes that the seller paid in advance has been applied to your property tax debt. 

Points paid for the mortgage

Even if the seller has paid your points, you can deduct them on your tax return in the year of the purchase of the house. Each point is worth one percent of the home mortgage. For a loan principle of $ 250,000, you can deduct $ 2,500 for each point. For a nominal loan value of $ 500,000, you can deduct $ 5,000 per point.

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