wrist, as long as: • It’s used to buy, build, or rebuild a primary residence • You do it within 120 days • You don’t get too emotionally attached to that money growing in the market Bonus: If you’re a couple, that means $20,000 total. Even if one of you is just helping the other buy, you both qualify for the break. But before you break open your retirement piggy bank, talk to a financial advisor. Because raiding your future to buy your present isn’t always the best move. Homeowner Tax Breaks: Because the IRS I e IRS Isn’t Al ways t he Bad Guy Owning a home doesn’t just make you feel like a grown-up—it actually comes with some tax perks that renters can only dream about. 1. Mortgage Interest Deduction (MID) n (MID) This is the holy grail of homeowner tax breaks. You can deduct interest on mortgages up to $750,000. Since you pay the most interest early on, this is especially handy in your first few years. Watch for IRS Form 1098. It’s your new favorite piece of mail. 2. Mortgage Points Remember those mysterious "points" your lender mentioned? If you paid for discount points to lower your interest rate, congrats! That’s a deductible expense (for your primary home only—vacation homes don’t count, sorry beach dreamers). 3. Mortgage Credit Certificate (MCC) If you’re a first-time buyer with a lower income, this little- known gem can give you a tax credit worth up to 30% of the mortgage interest you pay. That’s credit , not deduction—aka real money back, not just a line item on your tax form. Ask your lender about it. If they look confused, find one who doesn’t.
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