Did you know owning a home comes with some amazing tax perks? Share this with anyone you know who might benefit from this info.
Here are 6 tax advantages you don’t want to miss:
Mortgage Interest Deduction: If you’re filing jointly, you can deduct interest on up to $750,000 of mortgage debt. That’s a big deal!
Real Estate Taxes: You can deduct up to $10,000 per year in state and local property taxes. Every little bit helps!
Mortgage Points: Paid discount points when you got your mortgage? You can deduct those too!
Moving Expenses: Members of the armed forces moving due to a change of station can deduct moving expenses. Thank you for your service!
Capital Gains Exclusion: When you sell your home, you can avoid taxes on the first $250,000 of profit if you’re single, or $500,000 if you’re married, as long as you’ve lived there for two of the last five years.
Tax-Deductible Mortgage Insurance: You might be able to deduct private mortgage insurance and other fees, though this one can change, so check with a tax pro.
Remember, there are more tax breaks where these came from, so always consult a tax professional to make sure you’re maximizing your savings!
If you're looking to make the most of these benefits, reach out to the top realtor in Commerce Township, MI for expert guidance and support!
