I am planning on buying a home in the St. Simons Island Real Estate market, Sea Island Real Estate market or Brunswick Georgia Real Estate market and want to know what tax benefits I´ll receive as a homeowner?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt. Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Related Questions
- I am planning on buying a home in the St. Simons Island Real Estate market, Sea Island Real Estate market or Brunswick Georgia Real Estate market and want to know what tax benefits I´ll receive as a homeowner?
- Do you recommend that I have a home inspection before I purchase a home in the St. Simons Island Georgia Real Estate market or Sea Island Real Estate market?
- Are the prices for homes in the St. Simons Island Real Estate market negotiable or are they firm?
