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Home : Planning Your Finances : Planning for Life Events : Buying a Home : Tax Benefits
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Buying a Home
Tax Benefits
There are certain tax benefits to owning a home that aren’t available to renters. Through standard deductions or itemized
expenses, most individuals can deduct some homeowner costs from their taxable income.
The interest on your mortgage, as well as state or local property taxes, can qualify as tax deductions. Your mortgage
lending company should provide you with an annual statement showing the portion of your mortgage payments that went toward
interest.
There are other homeowner expenses that may qualify as tax deductions. Consider consulting with a tax planning
professional to be sure you take advantage of all the tax-saving opportunities available to you.
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Transamerica and its representatives do not give tax or legal advice. The material provided is for informational purposes only and should not be
construed as tax or legal advice. Clients and other interested parties must rely solely upon their own tax and/or legal advisor regarding their particular situation.
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