Tax Benefits of Home Ownership

Happy New Year! A new year provides an opportunity for reflection and goal setting, including reviewing the tax benefits of home ownership!

As you delve into your 2016 taxes, it’s important to make sure you are reaping the many tax benefits of home ownership. I found this great article on Market Watch that summarizes the many tax benefits of home ownership that I wanted to share with you. I hope this brings to light some of the ways that you can proactively take advantage of your status as a home owner.

Opportunities to take tax deductions abound, include:

  • Property tax deductions.
  • Points paid on refinance loans and purchase loans.
  • Mortgage interest on primary and secondary residences.
  • Primary Mortgage Insurance (PMI) is also deductible in 2016. Note: Unless Congress acts, 2016 will be the last year that PMI is deductible.

If you sold a home in 2016 that was your primary residence in at least 2 of the past 5 years, you can have up to $250K in tax-free profit ($500K if filing jointly).

For more specifics on how to make the most of your 2016 taxes as a home owner, please talk to your Certified Public Accountant. If you sold or purchased any real estate in 2016, be sure to provide a copy of your settlement statement to your tax preparer. For those of you who chose me as your Realtor in 2016, I will be emailing you a courtesy copy of your settlement statement by January 15th.

I hope you have found this information to be useful. If you have any real estate questions, I am always a phone call away. Thank you for your business. I look forward to helping you meet your real estate & home ownership goals and receiving your referrals in 2017!

Cheers!

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