Iowa Homebuyer Tax Break


The Iowa Finance Authority announced a new Mortgage Credit Certificate Program effective January 1, 2013, for eligible home buyers to reduce their household's federal tax liability every year for the life of their mortgage.  A percentage of the homeowners' mortgage interest become a tax credit that can be deducted dollar-for-dollar from federal income tax liability up to a maximum of $2,000 annually.  Home buyers must submit a copy of the Mortgage Credit Certificate with their tax documents each year to claim the credit.  For more information as well as eligibility requirements, visit www.iowafinanceauthority.gov.