Having a mortgage can save you thousands of dollars on your taxes every year, thanks to a few key deductions:
🏡 Your Biggest Tax Breaks
✅ Mortgage Interest Deduction – You can deduct interest paid on your mortgage (for most people, this is your entire loan if it’s under $750,000).
➡️ Example: On a $300,000 loan at 6.5%, you might pay about $19,000 in interest your first year — which could lower your taxable income by $19,000.
✅ Property Tax Deduction – You can deduct up to $10,000 in combined state and local taxes (including property taxes).
✅ Mortgage Points – If you paid points to lower your interest rate, those can often be deducted in the year you buy your home.
💡 What This Really Means
The actual refund you get depends on your tax bracket.
For example:
- If you’re in the 22% tax bracket and deduct $19,000 of mortgage interest, you could save about $4,180 on your taxes.
- Add property taxes, and the savings get even bigger.
At Trealtorr, we make sure first-time buyers know how to use these deductions — so your home not only builds equity but also saves you money at tax time.
📲 Call or text us today at +1 (347) 831-6085 — let’s get you into a home and show you how much you could save with these tax breaks!