Tax season is here and time for homeowners everywhere to reap the benefits of tax breaks and incentives. If you are a renter now is the time to consider the tax advantages of homeownership. It might just be the right time to purchase. If you currently own or have sold, there are new incentives that will help you make it through this tough housing market. Its always good to know what expenses you can deduct and understand how new laws affect you. Always consult your tax advisor.
- Deduct your mortgage interest you pay on your home
- Deduct your property taxes and any points paid to lower your loan's interest
- Make sure you take advantage of the new tax credits for first- time buyers
- Request a new property tax reassessment if your home's market value had decreased
- Any special past or proposed assessments that might apply to your home
- Get a new current estimate of your property tax bill, don't rely on the old sellers bill
- Put your property taxes into your monthly mortgage payment
- Understand how your capital gains tax is calculated
- Whether you're buying, selling, refinancing or renting know how you'll be affected tax-wise
For more home buyers tax credit info visit: www.GreenvilleHomeTeam.com
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