Tax Season is Here! Read Our Checklist to Prepare for Your Return March 17, 2022 Tax Season
If you were like many Americans who purchased a home for the first-time last year, it’s important to understand how your taxes may be affected. Here is a quick checklist of things to think about as you prepare your return:
- Mortgage interest. You could deduct the interest you paid on your monthly payment, if your mortgage debt is under $750,000.
- Mortgage points. If you brought your mortgage interest rate down, you could deduct that cost from your first tax filing after your purchase.
- Property taxes. Make sure you deduct your real estate taxes. You may be eligible to deduct a total of $10,000 in state and local property taxes if you are single, a head of household, or if you’re married and filing jointly. If you are married and filing separately, you can deduct up to $5,000.
- Mortgage insurance payments. If you put less than 20% down on your home, you are most likely paying mortgage insurance. This amount is deductible too!
- Home office space. A lot of people are working from home now, and if you have dedicated space to conduct business, you could deduct that square footage on your taxes.
- Waived IRA fees. If you dip into your IRA account to help with your down payment, the IRS will waive the 10% penalty for removing money early. To receive this benefit, you can take out up to $10,000.
- Energy-saving improvements. There are tax credits available if you install certain energy-efficient equipment in your home. If you’ve added energy-efficient insulation, doors, heating and air-conditioning systems, wood stoves, water heaters, etc., you could be eligible.
Before you submit your tax return, make sure you have all your documentation organized. Gather any tax documents you received from your mortgage lender, receipts for home improvements you completed, or details about donations you made during the last year.
You still have one month until the tax filing deadline. Don’t wait to get started in case your accountant or tax filing system needs additional information. If you have any questions about any of the tax deductions mentioned above or other incentives you may be eligible for, reach out to your loan officer and they can answer any questions you may have.
Related Posts
Mortgage Interest Credit
Depending on your annual income, you may qualify for a mortgage interest credit. In order to receive this credit, you will need a Mortgage Credit Certificate (MCC). The IRS will require the MCC in order to grant the interest credit so be sure to speak with a Loan Officer to find out if you qualify. […]
January 23, 2020 Full Post 
Tips for Preparing for Tax Season
2019 has come to an end which means tax season is right around the corner. Soon it will be time to prepare your 2019 tax returns and it pays to be ready! Getting prepared early can not only save you time and stress but potentially money. It’s especially important if you have experienced major changes […]
January 16, 2020 Full Post
Connect With Us
Contact Us
For security purposes, please do not disclose any confidential or sensitive information.
To speak with a loan officer, please see
Find a Loan Officer.
For servicing questions, please call
877-220-0999
(877) 933-3100
6211 Greenleigh Ave Ste 300
Baltimore, MD 21220
Welcome to the Borrower Portal! This is your access point to get pre-qualified, send/receive documents, and eSign Disclosures.
Click ‘Access Borrower Portal’ below if you are:
- Logging in to an existing account to continue with your pre-qualification.
- Logging in to an existing account to send/receive documents, or eSign Disclosures.
- Logging in to complete the email verification process.
Click ‘Find a Loan Officer’ below if you are:
- Creating a new account to get pre-qualified
- Signing into an existing account to get pre-qualified
Once on the desired Loan Officer’s page, click ‘Get Pre-Qualified’ to begin.
Access Borrower Portal Find a Loan OfficerOriginal Article