As we enter into the New Year, tax season is right around the corner. As a new homeowner or buyer, you may wonder what the tax benefits of owning a home are.
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty… and I sell homes in Oakland, Berkeley, and the East Bay on both sides of the tunnel.
There are several tax breaks to be aware of when you file your taxes as a homeowner. So, let’s break down some of them. Obviously, be sure to verify all of my suggestions with your tax advisor.
#1 Mortgage interest. The ability to deduct mortgage interest is a significant benefit of owning a home. Mortgage interest is the interest charged on a loan used to purchase a home.
Second, Property taxes. As a homeowner, you will pay property taxes on a state and local level but most likely you can take a property tax deduction on your taxes. This deduction can be very valuable depending on the location where you live.
Third, a Home office. Post-pandemic, more homeowners are working from home. There can be some tax breaks for having an at-home office with your expenses.
Fourth, Energy-efficient upgrades. Many energy-efficient home improvements made to your home can qualify you for tax breaks. This includes energy-efficient appliances, solar, windows, and roofing.
Bottomline: owning a home can have many financial benefits when filing your taxes. It’s best to consult with a tax professional to learn about all the help available to you and to make sure any of my suggestions can apply to you.
If you are a buyer entering the housing market, or a seller thinking to list or would just like some advice, feel free to reach out to my team and I so we can help you explore your options and find the perfect home.
And if you’re thinking about selling, ask me about my tiered home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them offering my super duper digital marketing that… no one else does in our area. I’m Tanja and I sell homes. I offer simplified and transparent choices!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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