Raleigh – Are You Taking Advantage of These Homeowner Tax Breaks?

a stack of coins gradually increasing in heightThere are many benefits to owning a home: A home is an investment that can earn equity, is often cheaper to buy than to rent, and is your own place that you can fill with wonderful memories.

But another great benefit about owning a home is the financial benefits that you can take advantage of during tax season.

Major Tax Breaks for Raleigh Homeowners

Owning a home, and eventually selling it, can offer you opportunities for deductions on your taxes, and we wanted to outline the major tax breaks for homeowners today. Are you taking advantage of these tax benefits?

Deduction for Mortgage Interest

In many cases, you can fully deduct the amount of your mortgage interest on your taxes. The IRS has a chart you can use to help determine if your mortgage interest is fully deductible.

mortgage interest credit is available for lower income homeowners for part of the home mortgage interest that they pay.

Credit for Energy-Efficient Home Improvements

Available until the end of this year, homeowners who have installed solar hot water heaters, solar electric systems, wind turbines, or qualifying energy-efficient home improvements can take a tax credit as part of the Residential Energy Efficient Property Credit.

The credit is for 30% of the cost for these energy-efficient home improvements.

Deduction for Property Taxes

In addition to deducting your mortgage interest, you can also deduct the annual taxes you pay on your home’s value, called real estate taxes.

Deduction for Capital Gains

calculator and financial worksheet for taxesIf you have used your home as your primary residence when you sell, you can exclude up to $250,000 in capital gains from the home sale on your taxes (or $500,000 if you are married filing jointly).

To learn what other tax benefits you may take advantage of, visit the Credits and Deductions page on the IRS website or read this MarketWatch article about other tax breaks for homeowners.

Let Us Help You Find the Perfect Home

If you’ve been thinking about buying a home and are ready to start your search, we can help you find the perfect home that falls within your budget and provide you with helpful real estate resources to make the journey to homeownership as smooth and enjoyable as possible.

Contact us today and talk to one of our real estate professionals at the Capital City Real Estate Group in Raleigh about your goals for owning a home.

About Capital City Real Estate Group, Inc.

Moving to North Carolina years ago was the best decision my family and I could have made. We were looking for a change from the cold Michigan winters and the volatile economic climate. The Triangle was the perfect choice with its mild winters, quality of life and diverse economic base. I have always held as my personal values and guiding principles: Professionalism, Integrity, Dependability and understand the meaning of perseverance! I began my real estate career in 1996 as a commercial investor. This led to a Director of Property Management position for multi-family and commercial property and now, residential real estate as the Broker/Owner of the Capital City Real Estate Group, Inc. - eXp Realty here in Raleigh. I put myself through the evening MBA program at the University of Michigan while working full time and raising a family. Prior to real estate, I earned a Master of Science in Engineering from U of M and currently hold 2 U.S. Design Patents and had a successful corporate career in the automotive industry. As a result of that experience, I've successfully been able to apply my problem solving ability to business. Community Involvement Wake Forest Downtown, Inc. Board of Directors Wakefield Rotary Club of Wake Forest, NC Board of Directors Rotary Club President-Elect Rotary Club Secretary position Paul Harris Fellow In addition to the Rotary Club, I support causes which strengthen our local community such as the YMCA - We Build People Program and Habitat for Humanity My wife's favorite charity benefiting children is The Angel Tree We participate in our church food and clothing drives to benefit our local community We also support the American Cancer Society, the Alzheimer's Association and the Humane Society Professional Associations North Carolina Real Estate Broker License South Carolina Real Estate Broker License National Association of Realtors (NAR) North Carolina Association of Realtors Raleigh Regional Association of Realtors Coastal Carolina Association of Realtors We are committed to delivering outstanding customer service! Marc Iafrate, MBA Broker/Owner Capital City Real Estate Group, Inc. powered by eXp Realty Raleigh, NC

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