One of the biggest benefits of owning a home is the tax breaks. Tax breaks are available for single-family homes, townhomes, condos, and manufactured homes. Homeownership tax benefits specifically come in the form of deductions.
The most common types of tax deductions include:
- Mortgage interest
- Real estate taxes
- Private Mortgage Insurance
- Profit from the sale of a home
While your tax filings will likely get a bit more complicated, the savings may be worth the extra effort. When you have enough qualifying tax deductions, it can lower your tax bracket and the amount of taxes you owe.
Feel free to reach out to Scott Bennett at 503-703-4699 or scott@altmo.com to talk about your current situation.
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