There are a lot of benefits to owning a home (CLICK HERE to see why it’s financially better than renting), but in lieu of the fast-approaching tax season, I want to talk about some of the tax benefits that come from homeownership.Â
Here are the few different tax write-offs that come with owning a home:
The mortgage interest you pay over the year can be deducted. Because you pay more interest during the first few years of your mortgage, you have more tax savings with a newer mortgage.Â
Property taxes are also generally tax-deductible. Whether you pay your property taxes each month or in one big check, you can still add them to your taxes. Just make sure to claim the deduction the year you paid the taxes.Â
If you’re thinking you want to be a homeowner, you may want to check out these Gilbert homes! See any you like? CALL me 480-329-7489
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If you’ve updated your home to make it more energy-efficient, these costs can be tax-deductible as well! If you’ve purchased new equipment (e.g. solar panels), you can get up to 30% of the cost back. If you made other upgrades like energy-efficient windows, you can get a certain dollar amount back. Ask your accountant what options you have with these upgrades.Â
Working from Home
If you’re lucky enough to work from home, the different business costs you have can be a tax write-off. Your office space and what you’ve spent on office supplies for that spaceÂ can be deductible.Â
Although these aren’t the onlyÂ tax deductions available from being a home owner, these are a few that you’re likely to run into. Any of these you’re planning to write off?
Ready to take the leap into home ownership soÂ youÂ can get all these tax benefits too?! CALL/TEXT me today!Â 480-329-7489
To see which otherÂ tax write-offs are available from being a homeowner, check out this Realtor.com article. CLICK HEREÂ
If you want to learn about some financing options, or if you’re looking to get pre-qualified, contact Marc Trejo at Sun American Mortgage Company: 602-743-4885.