When buying a new home, it’s easy to get bogged down by all the money you’re spending. After all, owning (and purchasing) a home is expensive!
But there’s a bright side to the investment that you’re making in your home – all of those yummy tax incentives.
Take a look:
- When you buy your home – deduct loan discount points and origination fees (even if the seller paid your closing costs).
- While you own your home – deduct interest on your mortgage in the year that it is paid.
- When you sell your home – skip paying income taxes on the sale of your home if you have owned and occupied your principal residence for at least 2 of the past 5 years (subject to a cap on the amount of profit).
Sounds pretty great, right? Just get in touch with Haynsworth Realty if you’re ready to start looking for your new home.
Note: the foregoing information sets forth general principles and is not a substitute for the advice of a tax professional.
