Admin

Tax Advantages of Homeowners​hip

By
Real Estate Agent with RE/MAX Advantage 335893

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.


Search For Properties Like The Agents Do! Find Your Ideal Home With Our Free MLS Search Engine! Every Active Listing On The MLS In REAL TIME! Waste No More Time With Listings Which Are Under Contract Or Sold! Germantown Clarksburg Darnestown & More! ~ MD ~ DC ~ VA ~ WV ~ VA ~ DE ~ This is the way to shop for properties! Narrow your search by entering exactly the features you're looking for! We Can Also Put You On Our Automated MLS Search Which Will E-Mail You When Properties Matching Your Criteria Enter The System On Day Zero On The Market! No Cost Or Obligation! Never Miss Out On That Perfect Property Again!

Click Here For Free MLS Access... HomesByRobandJeannie.com

Rob & Jeannie Steward ~ Weichert, Realtors ~ 20400 Observation Dr, Ste 200 ~ Germantown, Maryland 20876 ~ Direct: (301) 213-7351 ~ Office: (301) 540-1330 x180 ~ Fax: (301) 601-0250 ~ E-Mail: Rob.Jeannie@gmail.com ~ www.HomesByRobandJeannie.com ~ We Work Twice As Hard For You!

Posted by

Show All Comments Sort:
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

It is a big advantage this time of the year when you go to do your taxes.

Mar 05, 2011 02:15 AM
Joyce Herr
Prudential Lancaster Real Estate - Lancaster, PA
Lancaster County & Beyond

Appropriate post for those concentrating on preparing their tax returns.

Mar 05, 2011 02:31 AM
Rob & Jeannie Steward - Realtors®
RE/MAX Advantage - Nashville, TN
We Work TWICE As Hard For You! - Ashton Group

Thanks Chuck and Joyce!

Tax time is challenging enough. Every bit of info can't hurt.

Mar 05, 2011 01:25 PM