By the Kent Redding Group
Austin, TX – Are you thinking about buying Austin Texas Real Estate in 2017 but still aren’t sure it’s the right time for you to buy a home? If so, you’re not alone.
Although everyone is telling you the obvious reasons to buy a home which include the freedom that comes with owning your own home, and the equity you will build each month that you make a mortgage payment, you should also consider the following tax advantages which come from owning Austin Texas Real Estate.
Advantage #1 – Capital Gains Exclusion
Thanks to the capital gains exclusion you may be able to keep the bulk of the profit from your home after you sell it in the future. Married couples may keep $500,000, while single individuals may keep $250,000 from the sale of their home.
When you consider that traditional investments like bonds or stocks are taxed at a rate of 15% it’s easy to see why the capital gains exclusion alone makes investing in Austin Texas Real Estate worth it because there’s really no other investment strategy that will let enable you to walk away with about a half a million dollars in profits.
Advantage #2 – Mortgage Interest
If you buy a home this year you can count on being able to deduct your mortgage interest next year including your property taxes, discount points, pro-rated interest and your mortgage insurance.
Advantage #3 – Home Improvements
After moving into your Austin Texas home, you will also be able to deduct any improvements that you make to your home in a calendar year like replacing the heating system, adding a new roof, or new windows to your home.
When making improvements to your home it’s also important to remember that the IRS doesn’t regard repairs the same as repairs so choose wisely where you plan on spending money on your house because you want every dollar to count.
Search for Austin Texas Real Estate
To learn more about the tax advantages that come with owning a home, or to search for Austin Texas Real Estate, contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.