Owning a home invokes more than a sense of pride and freedom. It is also a long-term investment opportunity. With tax season in full swing, it is a great time to speak to your tax advisor about the tax advantages associated with homeownership.
Some of these benefits include:
Reduce your taxable income: On your itemized income tax return, you may be able to deduct mortgage interest payments, property taxes and points paid to lower your loan's interest rate.
Take advantage of special tax breaks: You might receive a tax credit or be able to take a tax deduction for certain home improvement projects if they are for medical reasons or if they fall into one of the many energy-savings home improvement categories.
Lower tax on capital gains when you sell: When you sell your home, you will not have to pay federal income tax on capital gains of up to $500,000 for a married couple and $250,000 if you are single. This applies to the sale of a principal residence owned and occupied for at least two of the last five years.
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