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Kenosha Real Estate News

Five Tax breaks for Homeowners

3/29/2017

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Owning your own home is a big responsibility and at times it can be a lot of work. Fortunately, there are some great tax advantages for owning, in addition to having a place of your own. 


  1. Mortgage Interest Deduction: This has long been one of the most valuable deductions for homeowners, especially with a new mortgage where the payments consist of mostly interest. 


  2. Home Improvement Loan Interest: The same way your mortgage interest is deductible, so can be the interest on a home improvement loan. Consult your tax advisor because some wear and tear items such as carpet and paint may not qualify. 


  3. Mortgage Points/Origination Charges: These charges are treated similar to interest on the loan, making them deductible. Consult your tax advisor because the deduction is treated differently depending on if the charges were for a refinance or a purchase. 


  4. Energy Efficiency Upgrades: Up to 10 percent of the improvement cost can be applied as a tax credit, which is a direct reduction in the amount of tax you owe. There are a wide variety of items such as energy efficient appliances, furnaces, insulation, and windows. Be aware that this credit does max out at $500. 


  5. Capital Gains Exemption: If you were to sell a home and realize a profit you can claim that profit tax-free. Be aware there are many requirements for the exemption, such as the home must have been your primary residence for 2 out of the last 5 years. 



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(262) 947-4559
Cove Realty LLC
4515 Washington Road
Kenosha, WI 53144

 info@coverealtyllc.com ​
  • Home
  • Selling
    • Why Sell With Cove
    • Our Rates
    • Why Use A Realtor
    • Prepare To Sell Your Home
    • Top Ten Sins Of Selling
    • Sellers Finishing Touches
  • Buying
    • Why Buy With Cove
    • Easy Payment Calculator
    • Current Mortgage Rates
    • Property Search (MLS)
    • Cove As Your Buying Agent
    • Financing
    • Are You Pre-qualified
    • Buyers Cold Feet
  • Our Listings
    • Our Residential Listings
    • Our Commercial Listings
    • Search All Real Estate Listings
    • Our Open Houses
  • Why Cove
    • Why Cove
    • Our Team
    • Testimonials
  • Contact Us
  • Kenosha Statistics
    • Real Estate News
  • News and Info
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