Do you know the benefits of owning a home and the big tax right-offs? We have included just a few of the benefits of owning a home and doing your 2006 taxes. While we don’t proclaim to know everything about taxes (always consult a tax accountant), we do know that owning and buying a new Atlanta home now is the best overall tax shelter you can get.
- Home office – Do you work from home? Always consult a tax accountant, but you may be allowed to write off utilities, maintenance, and other costs associated to your work at home space.
- Property and real estate taxes – you can deduct the costs of these expenses against your income
- Home improvements – did you make too many trips to Lowe’s and Home Depot this year? Keep those receipts to write-off when you sell your home to purchase a new Monte Hewett home.
- Moving expenses – getting into the new house will require time and energy not to mention a Uhaul or Ryder truck. Once again, keep track of those expenses if you move is over 5o miles or you need to relocate because of a job.
- Capital gains – lived in your home for more than 2 years. Married people can exclude $500,00 (or $250,000 is single) of the profits of the sale of your home.
- Points paid – points paid against the interest rate of a loan, or points paid during the refinance of your loan are all deductible from your tax liability as well. Many people forget this benefit.
- Mortgage interest – who doesn’t have a mortgage, remember to get documentation from your lender so you can deduct the interest paid on the loan each year.
- And there are lots more…..
Always, Always, Always consult with a tax professional before using any of the tips and tax savings above. Best of luck in 2007 from Monte Hewett Homes, your builder for life.