In addition to being a place for you and your family to come to at the end of a long day, your home can also help you when it comes to tax time. If you purchase a Solitaire Home, not only will you have a home, you will have a list of tax benefits that you didn’t have while renting. Let’s explore these benefits and save you some money!
When you live in a home you purchased, at tax time you can deduct both mortgage interest and property tax payments. There are some other expenses that are tax deductible when it comes to home ownership. A tax professional will be able to help you document any other tax deductible expenses.
If you decide to rent property you own, there are even more tax benefits that await you. Home owners do not pay taxes on the imputed rental income from their own homes. Which means you don’t count the income you make for renting your home. The money you make from renting your home is a form of non-taxable income.
Lastly, homeowners may exclude, up to a limit, the capital gain they realize from the sale of a home. So if you sell your home for more than you owe on it and make a profit, you do not have to pay taxes on that money.
If you have been looking for a great investment, home ownership is a step in the right direction for your financial future. Right now through April 30 at Solitaire Homes, we are making it even harder to resist our beautiful homes. To help with your down payment, now through April 30, 2017, we will DOUBLE your tax refund up to $2,500 so you can feel even better about investing in a home.
Come explore all of the floorplans that Solitaire Homes has to offer. Contact us today for more information or come visit one of our many locations!