5 Tax Benefits from Owning a Home
For Real Estate Inquiries, Please Call, Your Journey Team:
Niki Fuller at 502-523-5554 / e: niki@YourJourneyTeam.com
Buying your first home is fulfilling feeling. Designing your own place, the privacy that you get and you can see where your money is actually going. There are a lot of benefits from owning a home that every home owners enjoy.
It's not the tax season yet, but I would like to make an early reminder for everyone what you can include or deduct for the tax season. If you are not going to hire a CPA for your taxes next year, better start to organize everything as early as now. Well, there are lots of holidays and parties going on for the rest of 2015 and we just want to let you know as early as now.
Include your Mortgage interest deduction.
The tax code allows homeowners to deduct the mortgage interest from their tax obligations. For many people, this is a huge deduction, since interest payments can be the largest component of your mortgage payment in the early years of owning a home.
Deduct your Property Tax.
Property taxes that you have paid for your primary residence and vacation homes can be deducted for income tax purposes.
If this is your first year in your home, check your settlement sheet when you closed the deal for the property and look for the additional tax payment data. Your share of these taxes is fully deductible.
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