Did you know Homeownership provides some major perks when tax time comes around?

Did you know Homeownership provides some major perks when tax time comes around? However, some of these perks have changed recently. So today I want to share with you the top 5 tax benefits to owning a home, which you can file for this year.  

Tax Break #1: Mortgage Interest. Homeowners with a mortgage, which went into effect before December 15, 2017, can deduct interest on loans up to $1 Million. 

Tax Break #2: Property Taxes. However it’s important to note that  this deduction is capped at $10K, for those married & filing jointly, no matter how high your tax bill may be. 

Tax Break #3: Private Mortgage Insurance. This is fantastic news for PMI users, you can now deduct the interest on this insurance due to the Mortgage Insurance Tax Deduction Act of 2019. 

Tax Break #4: Energy Efficiency Upgrades.  Did you know you can get tax credits for solar electric & solar water-heating equipment? Well this is true and applies to solar equipment installed through December 31, 2021. 

Tax Break #5: A Home Office. If your home office is the main place you work, like myself, you can deduct $5 per square foot of that office space, up to 300 square feet, which amounts to a maximum deduction of $1,500. 

Congrats on being a homeowner and being able to take advantage of some or all of these tax saving benefits! If you or anyone you know have any questions pertaining to real estate, or buying and selling here DFW market, please reach us at JLUX Homes!