A USDA Rural Development Home Is Money In The Bank

Cash In On USDA-RD Interest And Taxes USDA Rural Development home ownership mortgage is still one of the best tax breaks, and you can get paid simply for owning and living in your own home. Hereā€™s how it works. When your itemized deductions are more than the standard deduction, you can subtract the extra from your taxable income. You pay less tax, which is money in your pocket. The fact is, your rural development home is a source of many itemized deductions. Your biggest deductions usually come from first mortgage interest payments and Real Estate taxes. If these two items total more than $800 a month, youā€™re probably over the annual standard deduction already. By adding on medical expenses, charitable contributions, and other itemized deductions, youā€™ll get an even bigger tax bonus. But wait, thereā€™s more you can deduct! In fact, Gerald J. Robinson has written an entire book, J….

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