Mortgage Rates Are Up: 3 Tax Moves That Could Save You Thousands

Higher mortgage rates mean higher interest payments, but they may also create tax planning opportunities that homeowners, business owners, and real estate investors should understand.

In this video, Mark J. Kohler breaks down 3 tax moves to consider when mortgage interest rates are higher and explains how to determine which deductions may actually apply to you.

First, Mark explains the mortgage interest deduction and why paying more interest does not automatically mean you’ll receive a larger tax benefit. The key is understanding the difference between taking the standard deduction and itemizing your deductions.

Next, you'll learn how a legitimate home office may allow a business owner to allocate a portion of certain housing expenses to the business, creating another potential deduction tied to the cost of maintaining your home.

Finally, Mark covers mortgage points and rate buy-down costs, including why you need to understand how those expenses are treated for tax purposes rather than assuming every cost connected to your mortgage is immediately deductible.

In this video, you'll learn about:

• Mortgage interest deductions
• Standard deduction vs. itemized deductions
• Home office deductions
• Allocating home expenses to your business
• Mortgage points
• Mortgage rate buy-downs
• Tax planning when mortgage rates are higher

A higher mortgage payment hurts, but understanding the tax rules surrounding your mortgage can help you identify deductions you may otherwise overlook.

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