Tax Benefits For Homeowners

Tax Day is just around the corner!  Do you know how owning a home can benefit you?

 

We all know the old adage about nothing being certain except death and taxes. However, on a more positive note, you can also be certain of tax benefits if, that is, you are a homeowner. 

 

Purchasing a home can provide valuable tax savings to homebuyers. Mortgage interest, property tax, and other payments associated with financing a home can apply to your tax deductions. They may decrease the amount of income tax you must pay to the federal government. 

 

Another financial advantage to owning a home is that as you begin to pay off your mortgage loan, you build equity in your property. In other words, the value of your home can increase as your total mortgage amount decreases over time. 

 

For those who rent, the tax savings of ownership go to the landlord, not to the tenants. Wouldn't you rather build equity for yourself every month instead of paying someone else and giving away "your" tax savings?

 

To learn more about how you can deduct many home-related expenses, click on the link below. These tax breaks are available for any abode -- mobile home, single-family residence, town house, condominium or cooperative apartment.  And most homeowners enjoy tax breaks even when they sell their residence, as well.

 

 http://www.bankrate.com/finance/taxes/home-sweet-homeowner-tax-breaks-1.aspx

 

If you are in the market for a new home, contact the Cardany Realty Group to see how you can save!