When you buy a home, whether it’s a home for sale in Port Aransas or a condo for sale on North Padre Island, you’re likely going to qualify for some common tax deductions. While this isn’t tax advice—you should contact a financial adviser or tax professional for that—it’s a “heads-up” on what you might be able to save as a result of buying a home.
Tax information for homeowners is located in IRS Publication 530, where you can get more detailed information.
Mortgage Interest Deductions
If your mortgage balance is lower than the price of your home, you could be eligible to deduct mortgage interest on your tax returns. It’s important to know that in the beginning of your loan’s life term, if you’ve gotten a conventional mortgage, interest makes up the bulk of your monthly payment.
Property Tax Deductions
If you meet the qualifications necessary for property tax deductions, you may be able to save even more when you file your tax returns.
Real estate property taxes that you pay for your first home or vacation home may be deductible.
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