Tax season isn’t always met with positivity. But when you’re a homeowner, you tend to view tax season differently because of the tax benefits. With tax season soon upon us, we wanted to share some of the lesser-known tax benefits of owning a home.
Did you miss out on the tax breaks for 2019? Not to worry! You can still benefit in the coming year! Come to think of it, the sooner you purchase a home, the longer you can rake in those benefits!
Interest Paid on Your mortgage is Deductible (in most cases)
Generally speaking, if your mortgage is not greater than $750,000, then you can deduct the interest paid on the loan. This is the most significant benefit of owning a home and claiming it is relatively simple. At the end of the year, your…