Review this list of deductions from Southwest Missouri Realty and save yourself some money.
There are many benefits to buying a home. Increased privacy, building equity, the ability to customize your living space as much as you want, and just having a place to call your own are some of the many reasons people choose to buy a home instead of renting a property.
In addition to all the benefits listed above, homeowners also have the chance to take advantage of a number of tax deductions that renters do not. Here at Southwest Missouri Realty, our realtors are all extremely knowledgeable in all aspects of home ownership, and they can give you more detailed advice on which tax deductions you should consider. But for now, here is a general list of deductions you should look into as a homeowner (or future homeowner).
Mortgage Tax Credit
Commonly referred to as an MCC (Mortgage Credit Certificate), this certificate helps low-income individuals buy a home. According to the IRS, in order to qualify, buyers must be issued a Mortgage Credit Certificate for a new mortgage on a primary home. These homeowners can then claim the credit every year as long as they continue living in that home and keep the same loan used to purchase the house.
Equity Loan Interest
If you get a home equity loan from a bank to buy a house through Southwest Missouri Realty, you’ll inevitably pay interest on it. That interest may qualify for a tax deduction. While there are limits on how much your deduction can be, it’s definitely worth looking into to see how much you qualify for. Visit the IRS website for more information or talk to your realtor in Springfield, MO about where to find more information.
Do you work from home? Have you set up a home office for yourself? Do you run a business right out of your home? If you answered yes to any of these questions or use a certain room or area of your home strictly for business purposes, you may be able to deduct certain home costs from your taxes! Your realtor at Southwest Missouri Realty can help you determine if you qualify.
Did you know that in some situations, you can get tax deductions for moving expenses? If you moved a certain number of miles away because you got a new job, it’s safe to assume you had a lot of expenses pop up. Front renting a moving truck to paying for gas for the trip, these things may qualify for tax deductions. Visit the IRS website for more information or contact us at Southwest Missouri Realty.
Talk To Your Realtor at Southwest Missouri Realty
There are several other possible tax deductions homeowners may qualify for as well! For more information about it, contact the IRS or ask your realtor at Southwest Missouri Realty for more information. They will be able to point you in the right direction.