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What are the Tax Advantages of Owning a Home?

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Mortgage interest

The interest you pay each year on your mortgage loan is fully deductible from your income. The limitations are only that the mortgage must be for a first or second home, and the mortgage amount must meet established guidelines. Imagine how substantially this deduction could affect your income tax savings right away.

Points or origination fees

Points are charged by the lender in connection with your home loan, and are fully deductible in the year you pay them. If you obtain a home equity loan in future years in order to make additions to your home, those charges are again deductible, subject to some limitations, also reducing your tax liability.

Property taxes

The property taxes you pay on your home are also deductible from your income at tax time. Check your year-end mortgage statement to discover how much property tax you paid. If you pay the tax separately from your mortgage, keep track of those records.

Exclusion of profits on sale

Tax laws in the United States have been designed to encourage the "American Dream" of homeownership. There are tax incentives not only to own a home, but to move up to a better home without penalty. After May 6, 1997, the rollover rule was replaced with an actual tax exclusion of profits from the sale of your home. The exclusion of $250,000 of profits ($500,000 if married and filing a joint return) is generally allowed each time you sell your home, and as often as every two years. In other words, you get the monetary value of your home’s appreciation without having to pay taxes. And that makes a future move-up more affordable.

This introduction is not intended as a complete list of all the taxpayer’s benefits available to every homeowner, because each taxpayer’s situation is different. But it should help you understand the basics to make a more informed decision. You should ALWAYS review your situation with your accountant or financial advisor.

As you can see, there are some truly substantial tax benefits available when you buy a home. 

Additional Tax Tips and Information...click here!

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