Your status as a homeowner can unlock new deductions at tax time.
Here’s a quick summary of the items you may be able to deduct. Always consult with a tax professional to get a complete understanding of how tax laws may apply to your home purchase.
Another interesting tax tidbit could come into play if you later sell your home at a sizable profit. In most situations, the profit earned on the sale of your primary residence can’t be taxed. That benefit is limited to the first $250,000 in profit for a single-filing taxpayer or the first $500,000 in profit for a married couple who file jointly. Profits over those thresholds are usually taxed at the normal rate.
Some disabled veterans may receive a property tax exemption depending on where they live. Policies can vary depending on the state, your disability rating, the value of the property and more. Check with your state or local veterans affairs office for more information.