With tax season upon us, something I always like to remind my clients is of all of the benefits that home ownership brings when filing your annual tax return. When you own Lake Nacimiento real estate, there are many deductions that you wouldn’t typically be applicable for as a renter. While it is always recommended to work alongside a tax expert should you run into any questions, some of the major things to look out for on your tax return include:
–Mortgage Interest. One of the biggest tax breaks you’ll receive as a homeowner is the mortgage interest. When you pay your monthly mortgage dues, quite a bit of that payment goes toward the interest. The good news is that this is typically deductible, even if you own multiple properties. So whether one of the homes on Lake Nacimiento is your full-time residence or a vacation getaway, chances are that any interest paid will be fully deductible come tax time.
–Points. If you paid points when you bought your Lake Nacimiento real estate in an effort to obtain a lower rate, you may be eligible for a tax break here too. The IRS will usually let homeowners deduct points in the year that you paid them. Points can also be tax deductible on a refinanced loan, but there are certain qualification requirements that must be met in order to ensure you can claim them. If you’re not sure, it is always best to consult with a tax expert to ensure that your return is accurate.
–Property Taxes. Another large tax break for homeowners is the annual property taxes that get paid over the course of the prior year. Your lender will mail you an annual statement that will relay both your loan interest information and the property taxes paid for the year. This yearly deduction is applicable for all properties that you own, including primary and secondary homes.
As a longtime Lake Nacimiento real estate agent, I am very familiar with the financial benefits of home ownership as well as the tax breaks and deductions available to those that own a property. Whether you’re interested in one of the homes on Lake Nacimiento or a property in Oak Shores or Heritage Ranch, this year is shaping up to be an excellent time to buy. Oak Shores Realty looks forward to helping our clients find their new home in the coming season!
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.