Sure, the First-Time Homebuyer tax credit that was so popular a couple of years ago no longer exists, but that doesn’t mean you lack tax savings as a homeowner. Now, we aren’t tax specialists, so speak with your accountant if you have questions about homeowner tax breaks. But here’s a bit of what we know. By the way, most of these were set to expire at the end of 2014 but were extended until the end of 2015 so you can use them when you calculate your 2014 taxes.
If you paid less than 20 percent for a down payment on your home the lender tacked on a private mortgage insurance policy. Although the homeowner pays the monthly premium, this insurance only benefits the lender – if you default on the loan.
Aside from those with FHA…