If you have a steady source of income, a good record of paying your bills, and enough money saved up for a down payment, you may be ready to consider purchasing a home. But have you researched the ways in which home ownership affects your tax return? Typically, you can deduct home mortgage interest and real estate taxes (for your primary residence) from your tax return. You might also be eligible for gain exclusion if you meet certain occupancy and holding period requirements. These benefits can all reduce your total tax burden each year.
Of course, purchasing a home is expensive, and the costs don’t stop when you hand over the down payment. If you need help weighing the pros and cons of home ownership and want to speak with a tax help specialist, look no further than Taxation Solutions, Inc. We’re Milwaukee’s choice for all sorts of tax services, including tax resolution. We’ll talk you through your tax problems and help you avoid issues with the IRS down the line. Our team has more than 40 years of combined experience, and we’ll put everything we’ve learned in that time to work for you, giving you answers you can trust to maximize the tax benefits of home ownership. Contact us now to learn more!