Tax Deductions for Homeowners

Home ownership has always been a source of tax benefits and deductions. Whether you purchased your first home in 2010 or have been a long time homeowner, remember the following items when doing your taxes or talking with your tax accountant. Any or all of them may be deductible for your 2010 tax year:

• Mortgage interest.
• Points purchased.
• Private mortgage insurance.
• Real estate and property taxes.
• A portion of your moving expenses if you relocated for work.
• Home improvements made specifically for medical reasons.

Restrictions may apply for who may take deductions for some of these items. Talk with your tax accountant or visit the IRS website for more information.