With tax season in full swing, make sure you take full advantage of all the tax benefits you can. Here’s a few ways homeownership makes “cents” at tax time:
Mortgage Interest Deduction – Interest paid can provide a large tax break – especially in the early years of a loan when the amortization schedule is front-loaded with interest.
Closing Cost Deductions – Remember, the year you buy your home, you are able to claim the points (also called origination fees) on your loan. Be sure to check your HUD-1 Settlement statement that details all of your closing costs.
Property Taxes – A big part of monthly loan payments is often property taxes, often included in escrow as part of your monthly mortgage payment.
Selling Your Home – You could receive a capital gains tax break when you sell your home.
Closing Cost Deductions – Remember, the year you buy your home, you are able to claim the points (also called origination fees) on your loan. Be sure to check your HUD-1 Settlement statement that details all of your closing costs.
Property Taxes – A big part of monthly loan payments is often property taxes, often included in escrow as part of your monthly mortgage payment.
Selling Your Home – You could receive a capital gains tax break when you sell your home.
The tax benefits of homeownership can add up to big dollar savings! This information is not intended, nor should it be used as a substitute for tax advice. Please consult with your tax preparer or CPA for the specific details regarding the financial benefits of homeownership.
If you need a CPA recommendation, let me know and contact me if you need any further assistance, I’m always here to help!
Warm regards,
Kerry Gaby
Sr. Mortgage Consultant
(850) 807-0018
NMLS# 641778 / FL-LO22820 GA-GRMA43325
kerry.gaby@onqfinancial.com <mailto:kerry.gaby@
http://kerrygaby.
2015 Centre Pointe Blvd, Suite 105
Tallahassee, FL 32308
