There are plenty of perks that come with owning a home, such as the potential to build equity and being able to make the place your own. However, one major advantage of homeownership is it can offer a range of significant tax benefits. Up to certain limits, you’re able to receive tax deductions for mortgage interest, qualifying home improvements, property taxes, and other expenses.
So, whether you’re a first-time homebuyer, or you own multiple homes in Los Angeles or San Antonio or both, you may be able to benefit from a variety of deductions this tax season. In order to receive these homeowner tax deductions, you’ll have to itemize deductions instead of taking the standard deduction. As a rule of thumb, you’ll want to itemize if the total amount of homeowner tax deductions, as well as any other deductions you qualify for, is greater than the standard deduction.
Taxes can be complicated and tricky, especially if you’re a new homeowner and aren’t familiar with the various homeowner tax benefits. That’s why you should consult with a tax professional to help determine which type of deduction makes financial sense for you.
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