THIS MONTH:
HOME OWNERSHIP EQUALS
Tax Savings!
Brokers Jeff & Heather Buchanan Answer Your Real Estate Questions
Looking for ways to save in 2020? Buy a home! Owning a home means not only
cheaper monthly payments than renting, but the added tax benefits make it a no-brainer!
Here are a few of the tax deductions that come home ownership:
1
Interest You Pay On Your Mortgage
If you own a home and don’t have a mortgage greater than $750,000, you can deduct the interest you pay on the loan. This is one of the biggest benefits to owning a home versus renting because those deductions add up big time!
2
Property Taxes
Another awesome benefit to owning a home is the ability to deduct up to $10,000 of your state and local property taxes.
3
Energy Efficient Tax Incentives
While most of the tax incentives for making energy-efficient upgrades to your home have gone away, there are still a couple worth noting. You can still claim tax deductions on solar energy for both electric and water heating equipment through 2021. The longer you wait, though, the less money you’ll get back. Here’s the percentage of equipment you can deduct, based on the time of installation: ENERGY EFFICIENT TAX INCENTIVES QUALIFYING INSTALLATION DATE
PERCENTAGE OF EXPENDITURES ELIGIBLE FOR DEDUCTION
January 1, 2017 December 31, 2019 January 1, 2020 December 31, 2020 January 1, 2021 December 31, 2021
30% 26% 22%
These tax savings could mean more money in your pocket in addition to the thrill of owning your own home! We would love to help that dream come true for you! Our top notch REALTORS® at Buchanan Realty delight in transforming lives one home at a time. Give us a call today, and it’ll be our privilege to go straight to work for you so you can get ON THE MOVE!!! Jeff & Heather Buchanan are both real estate brokers with Buchanan Realty, LLC, and have offices in Lufkin and at the Lake. Jeff has a background in real estate appraisal, which gives him a distinct advantage when it comes to pricing and valuating properties for his clients. Heather is also a state licensed attorney, which gives her unique insight into the intricacies of the legal documents that accompany real estate transactions. They work tirelessly to help their clients achieve their real estate goals, and base their business upon biblical principles. Call them at the Lufkin office (936) 632-7700 or by cell (936) 240-1700 today! 20
Email your real estate questions to: jeff@lufkinproperties.com or heather@buchananrealtyteam.com
We’d love to hear from you!
