So are there any tax benefits to owning your own home? The answer is YES! there are quite a few ways owning your new home can provide tax benefits. HomeTraq outlines most of the ways property tax benefits can apply to you!

• Mortgage Interest
  This tax break applies towards most loans secured for your primary or secondary homes. There are some catches so do some extra research.
  
  
• Property taxes
  You might be able to deduct any property taxes you pay on your home, as well as on a vacation home, car, RV or boat.
  
  
• Home Improvement 
  If you have taken out a loan for home improvements you are likely able to deduct interest on it.
  
  
• Mortgage Points 
  Many homeowners pay points to get a better rate for a mortgage. If you've paid points they might offer tax breaks if they are associated with the purchase or refinance of a home.
  
  
• Energy Efficiency 
  Energy efficiency can be great for your wallet for a numerous reasons! One big reason is the tax credits for things like solar panels and solar water heaters.
  
  
• Home Office 
  If you use part of your home as an office you may be able to claim a deduction for the operating expenses and depreciation of your home. If you are self-employed, this probably applies to you!
  
  
• Private Mortgage Insurance
  You must get private mortgage insurance with a lower then 20% down-payment. If you have a gross income of $100 000 or less you can deduct the mortgage premium paid on PMI.

Remember, HomeTraq is a free service that provides the superior home-buying experience! In no way does this article serve as professional tax advice and all financial planning should be done by a professional. 

If you're ready to enjoy the #1 Home-hunting experience available, create a FREE account with HomeTraq! >>> Click Here

Link not working? 
Use the button below!

Happy House Hunting!