While there are many benefits to owning your home, saving at tax time is doubly appreciated by many. Save money, build personal wealth, invest in your own retirement, building better communities, and many more advantages rate right up there, but the stress relief and the monetary gains of home ownership are hard to beat.
These savings are NOT just for the rich! Interest paid on your mortgage is tax deductible. (As you have probably seen, in the first years of paying your new mortgage nearly all of it goes to interest!) Maintenance on your home is deductible. Upgrades and repairs too. Of course these statements are general; consult your tax advisor (whether that be a paid professional, your aunt Mary, or yourself) for your specific benefits.
Where else do you get paid for saving money? Yes, if you installed a new energy efficient water heater to save on your power bill, you can often also claim tax rebates and/or deductions if these were added to a home you own. Many other appliances fit this group: A/C, heating, laundry, kitchen, etc.
Making your home more green (energy efficient) pays double also! Like the energy saving appliances, you save on power costs, maintenance costs, get tax rebates, and tax deductions. Yes, you really do get paid to save money!
Please remember while these statements will apply to most, they are general in nature; consult your tax advisor (whether that be a paid professional, your aunt Mary, or yourself) for your specific benefits.
Questions about YOUR best action? Contact us today for your free analysis. We will happily point out possibly overlooked items for your tax professional.
For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!