Tax time is just around the corner.  Did you know that as a homeowner you will have some valuable income tax deductions?

Example:  Your mortgage interest is a deduction.  Let's say your house payment is $1,200 per month.  Of that amount, you might pay $900 towards interest. Multiply 900 x 12 (for 12 months in the year).  The answer is your annual tax deduction.  In this case, $10,800 would be your tax deduction.  Pretty cool, huh?

But wait, there's more!  Your property taxes for the year are another deduction.  Let's say you paid $1,300 in property taxes last year.  You get to deduct that on your tax return as well.

But wait, there's still more!  If you own a rental property, you can deduct the cost of home repairs and maintenance on it.

Buyers ask me all the time if purchasing a home is a good investment, especially during uncertain economic times.  My answer is YES!  Even if the home does not appreciate as quickly as you'd like, you are still saving money with all these deductions on your income tax returns.