We’re not tax professionals–and you should definitely get in touch with a tax expert if you’re buying a house in Grand Junction.
However, we can tell you a little bit about a few tax breaks you may be eligible to receive after you purchase a home.
No two situations are alike, so it’s always a good idea to have a tax professional review your information to find out exactly how you’ll benefit from home ownership.
So what benefits do some homeowners qualify to receive?
Most people need to borrow money from a lender to buy a home. If you’re one of them, you may be able to deduct he interest you pay on your mortgage from your taxes.
Some home repairs and improvements are “write-offs.” However, it depends on what type of home loan you used to purchase your home.
In some cases (provided that you keep all of your receipts for home improvements and repairs), you can even factor the cost of the work you’ve put into your home into your capital gains or losses. (That means if your property sells for more than you paid for it, you may be able to deduct the extra money you spent on repairs or improvements from your taxes.)
It’s extremely important that you hang on to all your receipts, though; you’ll have to prove that you spent the money if the IRS asks you to do so.
The Mortgage Credit Certificate Program
The Mortgage Credit Certificate Program is an IRS-led initiative designed to make home ownership more affordable.
Using IRS Form 8396, this federal tax credit can return up to 30 percent of a homeowner’s mortgage interest. However, this is highly specialized–and you’ll need to talk to a tax expert to find out whether you qualify for the program.
Are You Buying a New Home in Grand Junction?
If you’re looking for a new home for sale in Grand Junction, that is our area of expertise. We’ll be able to help you find the perfect place to live; just call us at 970-765-4135 or get in touch with us online to tell us what you want from your next home. We’ll start searching right away.