The short answer: yes — but not the way most people think.
When you buy a home, you can’t deduct the actual cost of the house. However, there are some tax benefits you can take advantage of:
- Mortgage Interest Deduction – The interest you pay on your mortgage may be deductible if you itemize your taxes.
- Property Taxes – In most cases, property taxes paid during the year can also be deductible.
- First-Time Homebuyer Credits – Some federal or state programs (like the proposed $15,000 credit or local Texas grants) can give you tax savings.
At Trealtorr, we help you understand all the programs and benefits available so you don’t leave money on the table. Plus, because we’re both mortgage brokers and realtors, we guide you from finding your home to making it tax-smart.
📲 Call or text us today at +1 (347) 831-6085 we’ll help you make your new home purchase work for your budget and your taxes.