New Home Tax Benefits
There are several tax benefits to owning a new home:
Mortgage interest deduction: You can generally deduct the interest you pay on your mortgage from your taxable income, which can reduce your tax bill.
Property tax deduction: You can also generally deduct the property taxes you pay on your home from your taxable income.
Capital gains exclusion: If you sell your home for a profit, you may be able to exclude a portion of the capital gains from your taxable income, provided you meet certain criteria.
Energy-efficient home improvements: If you make certain energy-efficient improvements to your home, you may be eligible for a tax credit.
It’s important to note that the tax benefits of owning a home are subject to certain limits and restrictions, and may not be available to all homeowners. You should consult a tax professional or review the IRS’s guidelines for more information on the tax benefits of owning a home.