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Common Tax Deductions for Homeowners

common tax deductions - port a homes for sale
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.

Are You Buying a Home in Port Aransas or on North Padre Island?

Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
While you’re here, check out our:

In the meantime, check out these great subdivisions in Port Aransas:

 

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3 MORE Great Reasons to Buy a Home in Port A or North Padre Island

3 MORE Great Reasons to Buy a Home in Port Aransas or North Padre Island
Our last post—3 Great Reasons to Buy a Home—was incredibly popular… and we decided to share three more great reasons to buy instead of rent.

3 MORE Great Reasons to Stop Renting and Buy a Home in Port A

Property Tax Deductions

We mentioned taxes in our last post, but only mortgage interest. You may also be able to deduct property taxes, according to IRS Publication 530. Naturally, you’ll need to consult with a tax professional if you’re going to attempt to deduct your property taxes from the amount you owe the Internal Revenue Service. (Remember, we’re not tax advisers—we’re Port Aransas real estate experts.)

Capital Gain Exclusion

If you’ve lived in the home for two out of the past five years, you may be able to exclude up to $250,000 for one person or $500,000 for a couple on your profit from capital gains.
You don’t have to buy a new home to do so (or “move up,” contrary to popular belief) in order to take advantage of capital gain exclusion, but again, you’ll want to consult with a tax professional.

You’re Always Building Equity

If you’re paying down your mortgage, you’re typically building equity in your home. Naturally, if your home is depreciating in value (it happens as part of a natural market cycle, so don’t worry too much if your value dips now and then) you won’t be building as much equity as you would if it were appreciating.
For the most part, you build equity every time you make a mortgage payment. And if you pay extra toward the principal each month, you’re building even more equity.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
While you’re here, check out our:

You can also check out:

 
 
 

Filed under: Blog, Buying by Julie Woodward
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