5 Ways Homeowners Can Enjoy Tax Benefits

Why should you buy a property in Idaho? Beyond all the usual perks of owning your own home, here are five tax-based reasons to become a property owner today.

1. Mortgage interest deduction. When you pay the mortgage on your property, the interest can be deducted at the end of the tax season.

2. Property tax write-offs. Property taxes can also be written off, and you can write off a larger amount if you’re married.

   
   

   "The state will often provide you with incentives in the form of tax credits to upgrade your home"
   

3. Private mortgage insurance write-offs. If you didn’t put 20% down on your property, your lender will require you to pay private mortgage insurance, which you can often write off at the end of the year.

4. Energy tax credits. If you buy a home that, for example, has old aluminum-frame windows or an old water heater, the state will often provide you incentives to upgrade those areas in the form of tax credits.

5. Home office deduction. If you own your business or are an entrepreneur who works out of your home, you can likely qualify for a home office tax deduction based on the room’s square footage.

Remember to speak with your CPA or tax expert to see which of these benefits will apply to you if you become an Idaho property owner. Don’t hesitate to give me a call or send me an email if you have any questions. I’d love to hear from you.