Did you know that if you have just purchased a home, you can look forward to enjoying some great tax benefits? It’s true. Owning a home can qualify you for some serious tax deductions that will reduce the amount you owe, and you may even get a refund!
Most homeowners pay a large amount of interest each month along with the principal payment on their mortgages. The good news is that if you pay interest on your home mortgage, then you can deduct this interest, as long as your loan is for $1 million or less. If you have a home loan that is larger than this, the IRS will limit how much mortgage interest you can deduct.
Another tax benefit of owning a home is the deduction you can get for property taxes. Each month, part of your mortgage payment is for property taxes, and all that money you pay in will help you out when it’s time to do your taxes. For as long as you own your home, you’ll be able to deduct the amount you paid in property taxes when you file.
Are you ready to learn more about the potential tax benefits of home ownership? Then it’s time to get in touch with the pros at Price Advantage Accounting We’re your go-to source for tax help in the Orlando area!