Tax benefits for homestead properties!

I previously posted information regarding the tax incentives for investment properties. Today I thought I’d let you know what homestead property owners receive when it comes to tax benefits.

What do you mean by homestead? I know that’s what some of you are thinking.  A homestead is a property that you own AND live in (not lease out to anyone else).  While there aren’t as many tax write-offs as if it were an investment property, there are some things that could make purchasing appealing to some.

If you have a homestead property, you can deduct the interest that you pay on your motrgage during a particular year in addition to the annual property taxes that you pay.  Again, there’s not quite as many deductions, however, any bit helps!!!

Feel free to chime in!!! What has been your experience as a property owner? What other questions do you have about real estate and how your taxes are affected?