4 incredible tax breaks for homeowners!

 

tax-breaks

Closing Cost Deductions – Are you a new homeowner? Congratulations! Along with the joy of painting, yard work and plumbing you now have some new tax considerations this year.  The first year you buy your home, you are able to claim the points (also sometimes called origination fees)  on your loan, no matter whether they are paid by you or the seller.

Property Taxes -you might be asking yourself, “I can claim a tax deduction on taxes paid?” YES, you can! A big part of monthly loan payments is often property taxes, and these taxes are usually packed in escrow as part of monthly mortgage payment to your lender. If your lender currently escrows your taxes and insurance, they will send an annual statement to you each year which you can then file with completed federal tax return.

Selling Your Home- You could receive a tax break when you purchase your home, when you own your home, and when you sell your home! If you purchase a home to live in as your primary residence for more than two years, when you sell you can keep profits up to $250,000  if you are single,  or $500,000 if you are married,  and not owe any capital gains taxes.

The financial benefits of homeownership are evident year round, but at tax time they really shine. The April 15th filing deadline will be here before you know it, so get your documentation in order and contact a tax professional for all the details on claiming your due incentives as a homeowner.  If you’re not yet a homeowner or you might be looking to refinance to take part of today’s great rates, please contact me anytime to review your financial mortgage situation.

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