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10 Benefits of Home Ownership

  1. Mortgage Interest Deduction: the ability deduct the interest can result in a reduced tax liability, if any.
  2. Home Improvement Loan Interest Deduction: The interest on home equity loans used for "capital improvements" to a home can also be a tax deduction. 
  3. Private Mortgage Insurance (PMI): Homeowners, who put down less than 20% as a down payment, usually pay PMI which is deductible. (PMI is necessary protection for lenders just in case the borrower defaults on their loan.)
  4. Mortgage Points/Origination Deduction: homeowners who paid points on their home purchase or refinance can often deduct those points on their tax return
  5. Energy Efficiency Upgrades Deduction: Homeowners keep your receipts because you can also deduct the cost of building materials used for energy upgrades to their home.
  6. Profit on Sale of Real Estate: If you've sold a home in the past year, you're able to claim up to $250,000 of profit from the sale tax-free and married couples can claim up to $500,000
  7. Cost Associated with Selling a Home: If you staged your home, made repairs and many other receipts you accumulated that are associated with getting your home ready for the market can be claimed as tax deductions
  8. Property Tax Deduction: this is fairly self explanatory; property taxes can be deducted
  9. Home Office Deduction: Homeowners are able to deduct a percentage of their mortgage, utilities and repair bills in direct proportion to the amount of their home dedicated to office space.
  10. Pride of Homeownership

 






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Copyright © 2017, Metropolitan Regional Information Systems, Inc. All rights reserved. Information deemed reliable but is not guaranteed. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of MRIS. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Remax Specialists does not display the entire MLS database on this website. The listings of some real estate brokerage firms have been excluded. This site will be monitored for 'scraping' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated 2017-06-24 09:35:05.

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