HOMEOWNERSHIP TAX ADVANTAGES

Homeowners tax advantages can help reduce your overall tax liability. Here are some of the key reasons concerning tax benefits of owning a home. Mortgage interest deduction is one of the biggest tax advantages of homeownership is the ability to deduct the interest you pay on your mortgage. This deduction can significantly reduce your taxable income, especially in the early years of your mortgage when most of your payments go toward interest. Also you get a property tax deduction based on the taxes you pay on your primary residence. This deduction can help lower your overall tax bill.

Capital gains exclusion can apply under certain conditions providing you make a profit, you may be eligible for a capital gains exclusion. As of the current law in 2021, homeowners can exclude up to 250,000 and 500,000 for married couples filing jointly of a capital gains from the sale of their home if they have lived in the property for at least two of the past five years.

Home office deduction comes into play if you use a portion of your home exclusively for business purposes, you may be able to claim a home office deduction. This deduction allows you to deduct expenses related to the portion of your home used for your business, such as percentage of your mortgage interest, property taxes and utilities.

ENERGY EFFICIENCY TAX CREDITS

Many homeowners who make qualifying energy efficient improvements to their homes, such as installing solar panels or energy efficient windows, maybe eligible for tax credits. These credits can help offset the cost of improvements and reduce your tax liability. Not only for tax purposes, you save monthly on utility bills and that adds up annually for a huge savings. Ensure your attic is properly insulated, no broken seals in windows and no airflow through doors. There are so many other items to inspect, if you not as sure you have the option to call a certified home inspector for a detailed home inspection report and this will give you more comfort. Tax laws and regulations change so it is always As a trusted advisor I am full of resources so tap in!

TRUSTED ADVISOR

As a trusted advisor, professional realtor and retired military veteran I am here to serve you in the Dr. Phillips and Central Florida area for the sale or purchase of your home. In the absence of trustworthy information whether it's a housing crisis or local housing market, real estate decisions are increasingly driven by fear, doubt and uncertainty. We as trusted advisors drive the real estate community to ensure you are making the right decision.

Part of my job is to keep you informed and educated about the local housing trends, to include common terms and videos. It is important to keep up to date on the housing market, don't get confused with the media, they talk national data, I can provide the most up to date local area data when it comes to making crucial real estate decisions.

So don't let this shifting housing market delay your dreams, data reveals home values typically appreciate over time and that gives your net worth a nice boost. When you are looking for a realtor, look for your realtor with a heart of a teacher. If you are ready to start your journey, contact Kevin Strawter at 850 496-6412 to begin a new walk to homeownership and all your real estate needs. Referrals always welcome.