What Are the Tax Benefits of Owning a Home?
There are many tax benefits to owning a home. In fact, there are so many that it can be difficult to keep track of them all. This guide explains four of the most important tax benefits of owning a home. Remember, though, you should absolutely consult with a tax professional; this isn’t tax advice, but a guide to the benefits that may be available to you.
What Are the Tax Benefits of Owning a Home?
The four biggest tax benefits of owning a home include:
- You can deduct mortgage interest
- You can deduct property taxes
- If you work from home, you can deduct your home office
- You get tax credits for making energy efficient upgrades
Here’s a closer look at each.
Tax Benefit #1 of Owning a Home: You Can Deduct Mortgage Interest
One of the biggest tax benefits of owning a home is the ability to deduct your mortgage interest. This deduction can save you a significant amount of money, particularly if you’re in a high tax bracket.
To deduct your mortgage interest, you’ll need to itemize your deductions on your tax return. This means that you’ll need to total up all of your eligible expenses and claim them on your return.
If you’re not sure whether you should itemize or take the standard deduction, it’s generally a good idea to do some calculations to see which option will save you more money.
Tax Benefit #2 of Owning a Home: You Can Deduct Property Taxes
Another big tax benefit of owning a home is that you can deduct your property taxes. This deduction can also save you a significant amount of money, particularly if you live in an area with high property taxes.
To deduct your property taxes, you’ll need to itemize your deductions on your tax return. This means that you’ll need to total up all of your eligible expenses and claim them on your return.
If you’re not sure whether you should itemize or take the standard deduction, it’s generally a good idea to do some calculations to see which option will save you more money.
Tax Benefit #3 of Owning a Home: You Can Deduct Your Home Office
If you work from home, you can deduct your home office on your taxes. This deduction can be extremely valuable, as it can help offset the cost of maintaining your home office.
To deduct your home office, you’ll need to itemize your deductions on your tax return. This means that you’ll need to total up all of your eligible expenses and claim them on your return.
If you’re not sure whether you should itemize or take the standard deduction, it’s generally a good idea to do some calculations to see which option will save you more money.
Tax Benefit #4 of Owning a Home: You Get Tax Credits for Making Energy Efficient Upgrades
If you make energy efficient upgrades to your home, you may be eligible for tax credits. These credits can offset the cost of the upgrades and save you money on your taxes.
To claim these credits, you’ll need to file Form 5695 with your tax return. This form will detail the eligible upgrades and the amount of the credit that you can claim.
Keep in mind that not all energy efficient upgrades are eligible for tax credits. Be sure to check with the IRS before claiming any credits.
Owning a home comes with many tax benefits. Be sure to take advantage of all the deductions and credits that you’re eligible for. By doing so, you can save yourself a significant amount of money on your taxes.
938 E Jasper Dubois Road Jasper, Indiana
5 Beds 4 Baths 5,700 SqFt 6.100 Acres
Listing courtesy of Kevin Bayer from RE/MAX Local.
3289 St Charles Street Jasper, Indiana
4 Beds 4 Baths 3,906 SqFt 0.595 Acres
Listing courtesy of Annette Wigand from ERA FIRST ADVANTAGE REALTY, INC.
1928 S A St. Jasper, Indiana
3 Beds 4 Baths 3,376 SqFt 6.258 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
5070 W Alder Creek Drive Jasper, Indiana
4 Beds 3 Baths 4,208 SqFt 1.500 Acres
Listing courtesy of Stephanie Hasenour from RE/MAX Local.
4536 W 150 N Jasper, Indiana
4 Beds 4 Baths 2,986 SqFt 1.482 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
1525 Grandview Drive Jasper, Indiana
3 Beds 3 Baths 4,132 SqFt 0.354 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
1245 W 6th Street Jasper, Indiana
4 Beds 3 Baths 3,610 SqFt 1.300 Acres
Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.
872 S Countryside Drive Jasper, Indiana
3 Beds 2 Baths 3,498 SqFt 2 Acres
Listing courtesy of Linda Schroering from CENTURY 21 SCHROERING REALTY.
3255 E State Road 164 Jasper, Indiana
4 Beds 3 Baths 2,944 SqFt 1.024 Acres
Listing courtesy of Zach Holt from Whitetail Properties Real Estate.
1911 S A St. Jasper, Indiana
3 Beds 2 Baths 1,468 SqFt 0.314 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
1761 Sugar Pine Drive Jasper, Indiana
3 Beds 2 Baths 1,829 SqFt 0.346 Acres
Listing courtesy of Ryan Craig from RE/MAX Local.
582 E 36th Street Jasper, Indiana
3 Beds 2 Baths 2,374 SqFt 1.740 Acres
Listing courtesy of KaraHinshaw from Key Associates Signature Realty.
813 Dorbett Street Jasper, Indiana
2 Beds 2 Baths 1,997 SqFt 0.148 Acres
Listing courtesy of Fallon Knies from RE/MAX Local.
1371 W 5th Street Jasper, Indiana
3 Beds 2 Baths 2,403 SqFt 0.287 Acres
Listing courtesy of Tama Stemle from RE/MAX Local.
181 Ashbury Court Jasper, Indiana
3 Beds 3 Baths 2,212 SqFt 0.286 Acres
Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.
Are You Thinking of Buying a Home in Dubois County?
Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties, as well as all the surrounding communities. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty, our site is directly connected to our local MLS. We update it with new homes every hour.
Sign up for new listing alerts so you can stay on top of the newest homes for sale – and get price change alerts so you can stay ahead of other buyers and beat them to the hottest deals!
Start Your Home Search Here
Popular Jasper, Indiana Home Searches:
- Homes for sale Evansville, IN
- Southern Indiana homes for sale
- Santa Claus, Indiana cabins
- Homes for sale Newburgh, IN
- Homes for sale Dubois County, Indiana
- Homes for sale in Jasper, Indiana
- Homes for sale in Huntingburg, Indiana
- Ferdinand, Indiana homes
- Farms for sale in Indiana
- Homes for sale in Santa Claus, Indiana
Newest Homes for Sale in Dubois County
View the newest homes listed in Dubois County in the last 10 days:
1430 Jackson Street Jasper, Indiana
3 Beds 3 Baths 2,268 SqFt 0.172 Acres
Listing courtesy of Marissa Goodness from Carpenter Realty LLC.
872 S Countryside Drive Jasper, Indiana
3 Beds 2 Baths 3,498 SqFt 2 Acres
Listing courtesy of Linda Schroering from CENTURY 21 SCHROERING REALTY.
1525 Grandview Drive Jasper, Indiana
3 Beds 3 Baths 4,132 SqFt 0.354 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.