7 Tax Benefits of Owning a Home: A Complete Guide for Filing Now and Next Year » Mortgage Masters Group

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You can claim $25,000 of losses that year, but then you are allowed to "recapture" the other $15,000 in losses against your income the next year. If you continue to have losses beyond $25,000 year after year, you can recapture the sum of the unused losses against the gains when you sell the property.

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7 Tax Benefits of Owning a Home: A Complete Guide for Filing Now and Next Year. one of the most lucrative tax breaks for homeowners was the deduction for mortgage interest. The new tax code didn’t eliminate the deduction, but it did change substantially.. A Complete Guide for Filing Now.

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