HOMEOWNERS TAX BENEFITS

As we enter into the New Year, tax season is right around the corner. 

 

There are several tax breaks to be aware of when you file your taxes as a homeowner. Obviously, be sure to verify all of my suggestions with your tax advisor. As a new homeowner or buyer, you may wonder what the tax benefits of owning a home are. So, let’s break down some of them in this video 👇

 

 

#1 Mortgage Interest.

The ability to deduct mortgage interest is a significant benefit of owning a home. Mortgage interest is the interest charged on a loan used to purchase a home. 

 

#2 Property Taxes.

As a homeowner, you will pay property taxes on a state and local level but most likely you can take a property tax deduction on your taxes.  This deduction can be very valuable depending on where you live.  

 

#3 At-home office.

Have you been working from home almost exclusively the last few years? Your Home office may be deductible. Post-pandemic, more homeowners are working from home.  There can be some tax breaks for having an at-home office with your expenses. 

 

#4 Energy-efficient upgrades.

Many energy-efficient home improvements made to your home can qualify you for tax breaks. This includes energy-efficient appliances, solar, windows, and roofing. 

 

The Bottomline is…

Owning a home can have many financial benefits when filing your taxes. It’s best to consult with a tax professional to learn about all the help available to you and to make sure any of my suggestions can apply to you.

If you are a buyer entering the housing market, or a homeowner thinking of selling your home or would just like some advice, feel free to reach out to me so I can help you explore your options to make the right decision for you. Let’s talk about your home goal – Click here!

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Find more videos about real estate news, market updates, life, community and even fun but educational videos at Betsy Taylor Homes!

 

 

About the Author
Betsy Taylor is a fiercely committed and proven professional who will effectively guide you through your next real estate move. As a long-time resident of Montgomery County and certified REALTOR with a decade of experience, she has helped and served many clients with compassion, energy, and professionalism.