Tuesday, February 27, 2018

Tax Benefits of Owning a Home

Are you new to homeownership? If you aren't aware yet, there are many tax benefits of buying a home at the Lake of the Ozarks. Since it is that time of year, you may be curious about the tax breaks you are about to receive. As your trusted real estate agents in Sunrise Beach, MO, we want to be sure you are aware of the tax benefits of owning a home. Take a look below to learn more!

Property Taxes

The taxes you pay each year for the property you own can be deducted from your taxes in 2017. The taxes are typically built into your monthly payment, so you may not even realize you are paying it. It's a nice surprise to be able to reduce this from your taxes at the end of the year.

Home Mortgage Interest

If you have a mortgage loan, you pay interest on your property each month. This total adds up throughout the year. A portion of that interest you pay can be a tax benefit come tax time. It's a great way to take advantage of the interest you pay & use it for a tax break.

Energy-Efficient Upgrades

There are tax incentives for energy-efficient upgrades made to your home. A credit may be added to your tax total if you make these type of updates to your home. Solar electricity upgrades and energy efficient appliances are a few ways to take advantage of this tax break.

Interest on Home Equity Line of Credit

If you take out a home equity line of credit, the interest you pay on that credit line is available for tax deductions. A portion of the interest you pay on this can be deducted from your taxes at the end of the year.

Age In Place Improvements

If you have a medical reason, updates to your home to better suit an older homeowner can be tax deductible. Grab bars in the bathroom, a wheelchair ramp, as well as widening doorways for easy access are all examples of tax breaks you can receive to make your home more accessible.

A Home Office

If you work from home, your office equipment can be deducted on your taxes. Computers, office furniture, and home equipment needed for your job are just a few examples of what can be of tax benefit for you, the homeowner.

Now that you know about all of these potential tax breaks for homeowners, you are ready to take advantage. If you don't own a home yet, now's the time to find the perfect property for your family. Give Eagle's Nest Realty a call today to start your home search at the Lake of the Ozarks! We look forward to helping you find the ideal space for you and your family!

Call (573) 374-0769 to schedule a showing today!

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