Why should you own a Paradise Valley 85253 home? Besides the beautiful views and amazing properties available, Paradise Valley 85253 home ownership is much more cost effective than renting. The tax breaks home owners receive mean that you can upgrade from your current rental without having to change your quality of life.
Paradise Valley Home Tax Breaks
One of the perks you receive when you own a Paradise Valley 85253 home is that you can deduct any prepaid interest you had when you secured your mortgage loan as long as you meet certain requirements. Always check with your accountant before taking any deduction to ensure that you are following the rules. Prepaid interest includes loan origination fees, points and any discount loan fees on your settlement statement, whether you or the seller paid them.
Property taxes are also deductible when you own a Paradise Valley 85253 home. This includes the taxes you pay in the year you purchase your home as well as all subsequent years that you own it.
Private Mortgage Insurance (PMI) is required by mortgage companies when you finance more than 80% of the sales price of a home. There is no getting around this unless you put at least 20% down. The good news is that, when you own a Paradise Valley 85253 home, you can deduct the PMI on your taxes.
More and more workers are telecommuting nowadays. A home office is almost as prevalent as a home computer. Any office space you set up at your home that is used strictly for business may be eligible for a tax deduction. This includes all expenses related to running that office, including utilities, insurance and even a portion of your monthly mortgage payment.
These are only a few of the many tax breaks you receive when you own a Paradise Valley 85253 home. I am not a CPA nor am I a tax professional in any way. Always speak with your accountant BEFORE you write off any expenses on your taxes. You are ultimately responsible for what you claim on your taxes no matter who prepares them. So, you’d better make sure that you aren’t deducting things that will bring Uncle Sam knocking on your door
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