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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