Tax Benefits Of Buying A Home Before The New Year

December 9, 2015

If you have interest in buying a home, now may be the perfect time to do so.  There are several tax benefits you may want to take advantage of when buying a home at this time of year. Check out the tax benefits below of buying a home before the New Year.

Property tax deductions: Property taxes can be fully deducted! This is one more reason to close now and cash in on this annual deduction, so you do not have to wait a whole year to do so.

Mortgage deductions: You might be able to deduct the interest from your mortgage, which should mean more money back to you, after taxes are filed.

Deductions in closing cost: A long list of deductions on your tax return is always a plus. If you close now, you may claim origination fees from your new loan.

Moving Costs: If you are moving more than 50 miles away to your new home, you may be eligible to deduct a portion of your moving costs. However, there is also a commitment requirement, so it is recommended to talk to your tax accountant before considering this option.

Owning a home before the New Year allows you to be eligible for multiple tax benefits. To maximize your benefits, consider talking to the financial experts, such as a finance advisor, tax accountant, or even your real estate agent.

If you are considering buying a house before the New Year, Highlands Cove Realty is here to help you with any questions or concerns you may have!