What are the tax benefits of owning a home? Plenty of homeowners are asking themselves this right around now as they prepare to file their taxes.
“You may recall the new Tax Cuts and Jobs Act—the most substantial overhaul to the U.S. tax code in more than 30 years—went into effect on Jan. 1, 2018. And as a result, last year likely brought big changes to your taxes, especially the tax perks of homeownership.
While not much has changed taxwise since then, an entire year has passed—so you might need a refresher as you sit down with your receipts.
Well, look no further than this complete guide to all the tax benefits of owning a home, where we break down all the tax breaks homeowners should be aware of when they file their 2019 taxes in 2020. Read on to see what the 7 tax breaks are that could save you money!”
Tax Break 1: Mortgage interest
Tax Break 2: Property taxes
Tax Break 3: Private mortgage insurance
Tax Break 4: Energy efficiency upgrades
Tax Break 5: A home office
Tax Break 6: Home improvements to age in place
Tax Break 7: Interest on a home equity line of credit
To read the full article on each tax break click here:
https://www.realtor.com/advice/finance/tax-benefits-of-owning-a-home/
