Tax season is here and so what will you be doing with your money that you get from your tax return? Will you possibly be buying a home so that you can get some of these tax benefits? I hope you will. When you own a home, you save.
When filing your taxes you can take deductions in the Schedule A.
1. You can take a deduction for property tax
2. You can take a deduction for mortgage interest.
3. You can take a deduction for the MIP (mortgage insurance premium).
4. After you sell your home after living in it for 2 of the 5 years leading up to the sale, you can exclude up to $250,000 or $500,000 for married couples on the profits from the sale. Check with your professional tax advisor on all of the above. A professional can help you find other deductions as well! Laws are always changing so I never profess to be an expert on taxes and rules of taxes as they always change. But, the benefits of owning, versus renting are so much better!
Give me a call today if I can help you with any of your real estate needs!
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty