It has always been possible as a homeowner to reduce your taxable income by deducting your property taxes and the mortgage interest you paid over the year. However, it may also be possible to deduct other home expenses, including your homeowners insurance premium (or at least a portion of it) if you are self-employed and […]
While the cost of buying a home has risen dramatically in the last few years, a house still comes with a variety of benefits over renting. One of the biggest advantages is the fact that you can use the mortgage interest deduction to help lower your tax bill. However, the IRS rules that impact the […]
As we move into tax season many of us are looking for tax deductions to lower our tax burden. While your home can lead to some major deductions, you may be wondering if it is possible to deduct your homeowners insurance premium. In most cases, the answer to this question is no but there can […]
If you are among the millions of Americans who find themselves with extra time due to working from home or not working at all, we decided to make a quick list of things you can do while weathering the pandemic to help keep your sanity. Here are just a few jobs you can tackle while […]
If you recently purchased a house, one of the first questions you may have when you open your monthly mortgage statement is what is an escrow account and why am I paying money into it every month. Escrow accounts are used to pay your property taxes and homeowners insurance premiums. A mortgage lender usually requires […]
Purchasing a home is a major undertaking and getting a mortgage is one of the first steps in making your dream a reality. Mortgages can be complicated and understanding all of the terms and conditions of a home mortgage can be confusing. We compiled some of the most common questions that new homeowners have about […]
The housing market is on fire these days and in many cities and towns you may find yourself in a bidding war for the house you want. Listings are at some of the lowest rates ever seen and growing demand has led to both quickly rising home prices as well as multiple offers coming in […]
The majority of us need to take out a mortgage to purchase a home and in many cases it will be the biggest loan we will ever have. This makes your mortgage one of your most important financial instruments and making decisions about it can have a major impact on your financial life. Deciding whether […]
The Tax Cuts and Jobs Act was signed into law on December 22, 2017 and rewrites large portions of the tax code for both businesses and homeowners. We thought we would take a look at how these changes will impact homeowners. This article is an overview of the coming changes and is in no way […]
It’s possible that the recent tax cut bill passed by Congress could end up lowering your insurance rates as well. Two separate consumer groups are calling for a premium cut for consumers and businesses across the nation. They are asking for an average 5% premium decrease because the new tax bill has slashed the corporate […]