So, you’re considering buying a house BUT did you know there are tax benefits to owning a home that many first-time buyers—and even some seasoned ones—tend to overlook? According to some of the experienced Englewood, FL real estate experts, here are six ways you might be able to save come tax time:
Mortgage Interest: You can often deduct the interest you pay on your mortgage, which can be a significant tax saver.
Property Taxes: Depending on where you live, the property taxes you pay on your home could be deductible.
Mortgage Points: If you paid points to get a lower mortgage rate, those can be written off.
Home Office: Got a space in your home used just for business? You may be able to deduct some of the expenses, like utilities.
Energy-Efficient Upgrades: Going green with solar panels or energy-saving windows? You might qualify for tax credits.
Home Equity Loan Interest: Interest on a home equity loan or line of credit used for home improvements may be deductible, subject to limits.
Always check with your tax professional for specifics based on your situation.
