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This is an article submitted by a guest author. Not all views expressed are those of Amerifirst Home Mortgage or its employees.
Tax deductions and tax breaks for first time home buyers and homeowners in general: it's a popular item of discussion. Who doesn't want to know how homeowners can catch a break when the IRS comes knocking? Fortunately, homeowners can write off quite a few tax items beyond home costs, because owning a home should take you above the standard deduction amount.
A Mortgage Minute TV viewer asked a great question in the comments to one of our FHA 203k videos. I went straight to the expert, AmeriFirst's Renovation Program Manager Joe Daly to get the answer. As always, he was quick to get me an easy to understand, informative answer. So I decided to include the information in an article so everyone could have the information available.