Tax Prep for New Homebuyers

This information was supplied from Patrick McConney. Reach out today for all of your lending questions.

Buying a home means a place to call your own. It also has other advantages, like potentially big tax benefits for you that you may not know about.

There are multiple deductions available to lower your tax bills:

• Mortgage Interests
• Property Taxes
• Mortgage points paid to reduce your interest rate
• Home office space- you can deduct the square footage of the area where you conduct business. Get all the details about what qualifies here.
• Energy-effeciency upgrades

You can be prepared by:

• Keep a checklist for all mortgage-related payments
• Save receipts from home improvements
• File early

Happy filing!