This week we’ll talk about some tax tips for the first-time homebuyer. If you’re a first-time homebuyer, or if you haven’t owned a home in the past two years, maybe buying a house, taking out a mortgage, and moving are at the forefront of your mind. With home prices still low along with mortgage interest rates, now is the time many people will consider a home purchase. Remember, your new home also offers you some tax benefits that can save you money, in addition to the joy of home ownership. Here are some of the different types of deductions available on your federal tax return because you own a home:
Also remember to keep receipts and purchase documents, when buying, improving, or refinancing a home, for as long as you own the home. The expenses, or costs, prove your basis (what you paid) for the property. This will reduce or eliminate any taxes owed on profits made when you sell the house. Keep these purchase or home improvement receipts in a safe place, so you will have them to show your accountant and possibly the IRS.
Call today, don’t delay! See how this affects you. We can be reached at 602-264-9331.