Considering purchasing a home soon? Need a little incentive to take the plunge? Well how about tax savings. Did you know homeowners have their own special tax deductions? Oh you didn’t??? Well that is okay. I made a list of a few for you:
1. Real Estate Taxes – Property taxes actually paid to the taxing authority.
2. Mortgage Interest – Interest paid on your mortgage’s principal loan balance.
3. Mortgage Insurance Premium – Homeowner’s with a FHA loan, mortgage insurance is required. The monthly premiums are a deduction.
4. Home Improvements – Certain home improvements meant to help save the environment such as low installing flow toilets, energy efficient appliances and the like.
5. Home Office – Use a part of your home for a business? Then a percentage of your home expenditures are deductible.
There are definitely benefits to becoming a homeowner. Why not explore the possibility with a local real estate professional like myself. I do suggest contacting a tax attorney or other tax professional to see how these common exemptions may apply to your tax situation.
Visit my web site for insight on how I assist buyers purchase the right home for them in the Atlanta metropolitan area real estate market at www.MetroATLRealEstate.com. Or call me at (678)523-1621. My areas of expertise include: Alpharetta, Atlanta, College Park, Douglasville, Dunwoody, East Point, Fairburn, Fayetteville, Hiram, Marietta, Peachtree City, Powder Springs, Roswell, Sandy Springs, Smyrna and Union City.