Are You New to Owning a Home? Consider Itemizing Your Deductions.

If it is you first time owning a house as your main residence, you may not know about some deductions that you can take on your tax return. If you took out a loan to buy your house, then the interest paid on that loan is deductible, up to a limit. If your filing status is NOT married filing separately, and the loan is $1 million or less, the full amount of interest paid in the tax year is deductible. Real estate taxes, loan origination points, and mortgage insurance premiums may also be deductible.

If you are under 65 and your filing status is married filing jointly, then your standard deduction for tax year 2011 will be $11,600. Your itemized deductions could easily exceed the standard deduction and conequently reduce your tax bill.

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