Tax season is here, so today we’ve got a quick guide on how to reduce your taxable income if you’re a homeowner.
It’s that time of year again—tax time.
One of the biggest advantages of being a homeowner is that you can use part of what you pay for your home to reduce your taxable income. This holds true for first-time homebuyers or anyone who owns a home.
If you bought a home in 2018, there’s a one-time deduction you can take for the costs incurred when buying the house. This includes closing costs, banking fees, and interim interest to name a few. There are also ongoing deductions you can deduct year after year as long as you own the house. These include mortgage interest and property taxes.
“WE RECENTLY HAD A CLIENT WHO SAVED $2,400 A YEAR BY BECOMING A HOMEOWNER.”
These deductions can combine with your other deductions to decrease your overall tax burden. In fact, a recent client of ours saved $2,400 a year in taxes by being a homeowner that he wouldn’t have been able to take advantage of as a renter.
If you’re thinking about buying a home, we would love to help you reap all the benefits of home ownership. Just give us a call or send us an email and we can discuss your unique situation.
