John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Home Ownership 

• "I need to buy a home so I can reduce my taxes - my rent is just going down the drain - what do you think?" 

• "Does that mean that you are not in favor of home ownership?"

• "What are the tax benefits of home ownership?"

• "What other tax benefits are there?"

• "What about closing costs, can I deduct those?"

• "Are there any limits on deducting the mortgage interest?"

• "What about the improvements I make to my house - are they tax deductible?"