Did you know there are significant tax benefits to owning a home?
While I don’t have time to go thru the details of the changes, let me encourage you to speak to your tax professional . . . especially if you itemize your deductions.
Here’s the top tax benefits to owning a home:
- Mortgage Interest on homes up to $750 thousand
- The first $10,000 in Property Taxes (and both of those should cover most homes in Central California)
- Private Mortgage Insurance, or PMI
- Energy Efficiency Upgrades
- A home office
- Home improvements (with some caveats)
- Interest on a home equity line of credit or HELOC
Some of these tax deductions may be as little as $1,500, but they all add up! When you add price appreciation and your mortgage payments increasing your equity, these tax benefits sure do make home ownership attractive.Did you know there are significant tax benefits to owning a home?
Private Mortgage Insurance,
Energy Efficiency Upgrades
a home office
home improvements (with some caveats)
Interest on a home equity line of credit . . .
While I don’t have time to talk about each potential tax deduction, and you really should talk to your tax professional about what you could use . . . .
Are these the real reason you should buy a home?
Or is it to build equity?
To pay your own mortgage instead of somebody else’s?
Is to provide safe shelter to your family?
The reality is that most of us – buying a home is about fulfilling a dream and making a house, YOUR home!
Whatever the reason may be for you, there are plenty of great reasons . . .
consult a REALTOR® or maybe your tax professional to find yours