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The housing market is improving in many different regions; many people are taking advantage of that and becoming new homeowners. When you take that step and become a homeowner, there are other joys that come along with it. Yard work, painting, plumbing, etc. Good news is now you have some new tax considerations! YAY!
You can now deduct quite a few home-related expenses, along with owning your home. Tax breaks are available for many different types of properties; single family residences, condominiums, cooperative apartments, and mobile homes.
As a homeowner, your biggest tax break is determined by the house payment you make each month. For most homeowners, the bulk of the monthly mortgage goes directly toward interest, which all the interest paid is deductible at the end of each year.
So what are you waiting for? Let’s get YOU a new home and let the write offs begin! Of course, let’s state the obvious, we are not tax professionals or certified public accountants by no means, so needless to say, we recommend you contact your accountant and/or your tax accountant to figure out all aspects of taxes in regards to owning a home.
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