Receive An Extra Tax Deduction In 2008

Most, but not every, home owner can increase their 2008 tax deductions with an extra mortgage payment made during the 2008 calendar year.

In order to receive the additional tax deduction the home owner would need to make the January 2009 payment before December 31, 2008. The reason this is important is because interest on the mortgage is paid in arrears, meaning that your January 1, 2009 payment includes interest accumulated from December.

For more information consult your tax professional as not all homebuyers qualify for these tax deductions. If you do not have a tax professional, contact me and I will gladly provided a referral.