Owning a home can definitely help lower your taxes, which could mean a bigger refund — but it depends on your situation. Here’s why:
Tax Benefits of Owning a Home
- Mortgage Interest Deduction – You can deduct the interest you pay on your mortgage (for most loans, up to $750,000). This lowers your taxable income.
- Property Taxes – Most homeowners can deduct property taxes, which also reduces taxable income.
- Mortgage Points – If you paid points to get a lower interest rate, these may be deductible.
- First-Time Homebuyer Credits & Grants – Certain federal or state programs give tax credits that directly reduce the taxes you owe.
Important Note
- Owning a home doesn’t automatically guarantee a bigger refund.
- If you itemize deductions, your refund may increase. If you take the standard deduction, the difference may be smaller.
At Trealtorr, we guide first-time buyers to maximize all available tax benefits, from grants to mortgage deductions, so you can save as much as possible.
📲 Call or text us today at +1 (347) 831-6085 — we’ll help you understand the tax perks of homeownership and get you into your first home!