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Don’t forget about your mortgage interest deduction

Don’t forget to take advantage of the Mortgage Interest Deduction for your Colorado Home

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There are many wonderful benefits to owning your own home, and it’s always important to remember to take advantage of the interest rate deduction.  There has been periodic discussions about the deduction beingMortgage interest deduction in COlorado taken away by Congress, and time will tell if this ever happens.  But in the mean time, don’t forget to take advantage of it and include it on your Schedule A on your 2013 taxes.

 

The easy way to understand the deduction is that it allows you to itemize your deductions including any interest paid on mortgage debt from your gross income.

 

Per information I found on the Pew State and Consumers web site, the average interest claimed in Colorado for 2011 was  between $2,700 and $3,599; and the average amount in the US was $3,508.

 

My opinion is that the tax deduction isn’t really a good reason to purchase a home, but as a tax paper, I’m certainly going to take advantage of it.

 

If you want even more information about the tax deduction, here’s the link the IRS Publication, Publication 936.

 

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