Homeowner Tax Breaks are one of the many benefits to owning a home: A home is an investment that can earn equity, is often cheaper to buy than to rent, and is your own place that you can fill with wonderful memories.
Each homeowner’s situation is unique. You need to consult a CPA to maximize the homeowner tax breaks that pertain to you. The items listed below are very general in nature, but important to consider
Major Homeowner Tax Breaks
Owning a home, and eventually selling it, can offer you opportunities for deductions on your taxes, and we wanted to outline the major tax breaks for homeowners today. Are you taking advantage of these tax benefits?
Deduction for Mortgage Interest
In many cases, you can fully deduct the amount of your mortgage interest on your taxes. The IRS has a chart you can use to help determine if your mortgage interest is fully deductible. It is a major hpmeowner tax break
A mortgage interest credit is available for lower income homeowners for part of the home mortgage interest that they pay.
Credit for Energy-Efficient Home Improvements
Available until the end of this year, homeowners who have installed solar hot water heaters, solar electric systems, wind turbines, or qualifying energy-efficient home improvements can take a tax credit as part of the Residential Energy Efficient Property Credit.
The credit is for 30% of the cost for these energy-efficient home improvements.
Deduction for Property Taxes
In addition to deducting your mortgage interest, you can also deduct the annual taxes you pay on your home’s value, called real estate taxes.
Deduction for Capital Gains
If you have used your home as your primary residence when you sell, you can exclude up to $250,000 in capital gains from the home sale on your taxes (or $500,000 if you are married filing jointly).
Let Me Help You Find the Perfect Home
If you have been considering buying a home and are ready to start your search, we can help you find the perfect home that falls within your budget and provide you with helpful real estate resources to make the journey to homeownership as smooth and enjoyable as possible. Oh yes, you’ll start earning homrowner tax breaks
The Kruschkas are long-term Prince William County residents with more than 30 years experience as real estate professionals serving Woodbridge, Manassas, Dumfries, Manassas Park, Bristow, Brentsville, Gainesville and Haymarket
Our Experience Isn’t Expensive – It’s PRICELESS
If you plan to buy or sell a home or property contact Karen and Art by Email or call us at 703-499-9279. Put our record of customer service, real estate experience and state-of-the-art technology to work for you