Among the many personal and financial benefits of homeownership, did you know there are several potential tax benefits as well? Whether you’re a first-time buyer or an experienced homeowner, learning more about these tax breaks may help you save money!
HOMEOWNER TAX BENEFITS CAN INCLUDE:
• PROPERTY TAX DEDUCTION: You may be able to deduct your state and local real estate taxes, subject to the $10,000 limit.
• MORTGAGE INTEREST DEDUCTION: You may be able to claim your home mortgage interest as a tax deduction within the allowed limits.
• CAPITAL GAINS EXCLUSION: Homeowners may be able to exclude from taxable income up to $250,000 (or $500,000 for joint filers) of capital gains realized from selling a primary residence from their taxable income.
• HOME OFFICE DEDUCTION: Small business owners may be able to deduct certain home expenses when using part of their home exclusively for business purposes.
Ready to make the most of homeowner benefits? Get in touch with me today to learn more!
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License NumbersB.0026537LLCPM.0164922.BKR
