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Tue, Jan 3, 4:48 PM
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https://www.gstatic.com/images/icons/material/system_gm/2x/arrow_drop_down_black_20dp.png'); background-position: center center; background-size: 20px; background-repeat: no-repeat; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: pointer; padding: 0px; vertical-align: baseline; height: 20px; width: 20px; margin: 0px 0px 0px auto; position: relative; right: 0px; top: 0px; display: flex; opacity: 0.71;" />As we enter into the New Year, tax season is right around the corner. As a new homeowner or buyer, you may wonder what the tax benefits of owning a home are. Hi, I'm Judy Ballard with Illustrated Properties and Christie's International Luxury Specialist. There are several tax breaks to be aware of when you file your taxes as a homeowner. So, let's break down some of them. Obviously, be sure to verify all of my suggestions with your tax advisor. #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. Second, 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 the location where you live. Third, a Home office. Post-pandemic, more homeowners are working from home. There can be some tax breaks for having an at-home office with your expenses. Fourth, 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. Bottomline: 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.Feel free to reach out to me anytime Iso we can help you explore your options and find the perfect home. I'm Judy Ballard and as always make it a great home buying or selling day.
