It’s tax season again. It hurts when you have to write a check to the government, whether you prepare your own tax return or have a professional do it for you, How can you reduce, or possibly eliminate, owing that extra money every April 15th? Perhaps the easiest way is the mortgage interest tax deduction.
I’m sure you have heard the benefits of owning your own home… lower monthly payments, equity buildup, and pride of ownership. But did you know that owning your own home can also help ease your tax burden? There tax benefits that come with buying a house.
Mortgage interest that you pay when you own a home is normally deductible from your income taxes! This can result in substantial savings for you and your family. Depending on your income, the loan amount, and your tax bracket, your savings could be hundreds of dollars each year!
Read More: Keys to Purchasing a Home
Additionally, if you own a home, your local property taxes are normally deductible.
If you’ve thought about purchasing a home of your own, now’s a great time to buy! The sooner you buy a home, the greater the tax savings will be.
There are many down payment and/or closing cost assistance programs available. I work with a few trusted lenders who can custom – tailor a loan just for you.
Please consult a tax professional, CPA, or the IRS for specific information on the tax benefits described. When you’re ready to purchase a home of your own, and take advantage of tax savings available to you, give me a call.
How soon would you like to save on your taxes?
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