Tax Time Benefits of Homeownership

One important financial benefit of homeownership is often overlooked. Only at tax time, it seems, do folks think about these benefits.

The benefits of homeownership extend far beyond the feeling of satisfaction you get when you return on a cold February evening to your own hearth and home.

The experience of owning a home changes you in so many ways, not the least of which is financially. Your awareness of all things financial increases dramatically when you own a home. You become more alert with regards to budgetary considerations.

One important financial benefit of homeownership is often overlooked. Only at tax time, it seems, do folks think about these benefits.

Depending on your income level (consult your tax professional), you can likely deduct the interest on your mortgage and property taxes. Your “Adjusted Gross Income,” is lower. You pay less income tax because you own your own home! WOW!

My reminder to you is this: don’t forget about tax time once your return is filed.

Prepare for the rest of the year. Your tax professional can suggest other deductions. You may only need to keep some receipts, track mileage, or increase retirement contributions.

Ask your tax professional how to decrease your tax withholding at work, you’ll take home more money weekly.

I believe homeownership is one of the greatest experiences we can strive for. I have dedicated my 18 year career as a mortgage professional to that end both for my family and for my clients.

I am happy to recommend these excellent accountants to my clients:

Jessica Vaiana CPA
Vaiana & Co.
516-502-6760
39 Maple St
Garden City NY 11530
Se Habla Espanol

Gilbert McLean CPA
718-252-6213

1193 E 39 St
Brooklyn NY 11210

Janie Bradley CPA
718-221-2909

1785 Fulton St
Brooklyn NY 11233

Wilson Charles
Intellifacts Services
646-423-7208
2667 Pitkin Ave
Brooklyn NY 11208

Roseline Borno CPA
RM Borno Management LLC
212-867-5096
60 E 42 St, Suite 1259
New York NY 10165

Elvin Olivera
Castle Hill Business Services Inc
718-829-3655
1208 Castle Hill Ave
Bronx NY 10462
Se Habla Espanol