Even in the wake of the housing bubble of 2007-2009, there remain many tax benefits associated with owning a home. Taking advantage of these tax benefits is not necessarily reason enough to purchase a home (or even a second home), but it should be somewhat comforting that if you do decide that home ownership is right for your family, you can potentially position yourself to enjoy substantial tax-related savings.
A Tampa CPA from Reliance Consulting, LLC can help you determine what tax benefits you are eligible for if you already own or are about to purchase a new primary residence or vacation home. In general, the following expenses might be eligible for deduction:
- Mortgage interest on a primary and/or secondary residence
- Property taxes
- Interest on $100,000 or less borrowed in the form of a home equity loan
- Points paid at time of purchase, either by you or the seller
- Home improvements made to accommodate a medical requirement
While these and other items might be deductible, it could be that the standard deduction you are eligible for will save you more money when it comes to taxes. A Tampa CPA from Reliance can help you determine whether to itemize your deductions, such as home mortgage interest.
Contact Reliance today to work with a certified public accountant who has helped thousands of individuals in the Tampa Bay region and beyond with tax planning, retirement planning, and more since 1984.