Islamic home loans and tax tips for homeowners

Once you’ve signed on for islamic home loans and come to understand all the different requirements for home ownership that involve paying different bills like utilities and property tax, you’ll be looking for a few tax breaks to put a little money back in your pocket.

Mortgage Interest

Claiming your mortgage interest against what you owe on your taxes is one of the biggest deductions people look for. Checking with the proper authorities is a good idea, but it’s widely assumed there is a $1.1 million cap which means even if you own multiple properties, you can claim mortgage interest on each.

Selling

If you used islamic home loans to buy the property and are now thinking about selling it, you can deduct some of the expenses like advertising and mortgage broker fees on your income tax return. If your new home is located 50 miles away or more from your older residence and you needed to move because of a new job, you can deduct that as well.

After the harsh winter we’ve experienced, you can deduct some of the damages or repairs providing you can prove the worth of the damaged piece of property.