What are the annual tax benefits of homeownership?
There are several tax advantages to homeownership that will likely reduce both your Federal and California State income tax liability. You should consult a tax advisor or CPA to determine the details of these tax advantages for your particular situation. However, the following are items you can deduct from your taxable income by listing these as itemized deductions on both your federal and state income tax returns. • Annual Mortgage Loan Interest Charges. It includes first and second mortgages, home equity loans, and refinanced loans on your home. • Property Tax. This is the annual property tax on your home paid to the County of Sonoma each year . Note that this is only for the items on your property tax bill based on the assessed value of the property, assessed uniformly on property throughout the community, and used for general community or governmental purposes. • Points Reported to You on Form 1098. The points a lender charged you for a mortgage that are reported on Form 1098 (a fo
