Buying a home results in new tax obligations like property taxes and capital gains tax, but it also opens up multiple tax benefits that can significantly reduce tax liabilities. Notably, homeowners may utilize deductions such as mortgage interest, property tax, and the home office deduction along with capital gains exclusions upon selling their property. Given the complexity of tax codes that can vary by state, expert consultation is essential for homeowners to maximize their tax benefits and comply with all regulations.
Mortgage interest deductions are probably the most common tax benefit for homeowners. If you have a mortgage, you can deduct the interest paid throughout the year.
Homeownership can also provide large tax benefits adding up to thousands of dollars, such as deductions, credits, and more.
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