If you have a steady source of reliable income, a good record of paying your bills, and the chunk of money needed for a down payment, you’re just about ready to purchase your first home. These qualifications, as well as having good credit in order to qualify for loans and financing, mean you’re at the right stage in your life to take such a huge financial step. But do you know how buying a house or an apartment affects your tax return?
One of the biggest perks of home ownership is that you’re able to deduct home mortgage interest and real estate taxes from your taxable income. These itemized deductions can substantially lower your tax burden. You’ll need a knowledgeable and reputable tax specialist on your side to ensure that you take advantage of the full benefit of home ownership each tax season, and in the greater San Antonio area, your best bet is Taxation Solutions, Inc. We can guide you through the process of claiming relevant deductions, especially if this is your first time filing a tax return as a homeowner. Our team has more than 40 years of experience providing tax help to individuals, families, and businesses, and we’ll call on our experience to get you the best possible outcome in your dealings with the IRS.
Whether you’re getting ready to sign on the dotted line or you’re already holding the keys to your new home in your hand, call Taxation Solutions, Inc. for expert tax assistance related to home ownership!