Thursday, May 27, 2010

Big Tax Advantages to Homeownership for New Homes in Tulsa

You know that buying a home is one of the smartest things you can ever do. You certainly understand the benefits to your family and your future, but did you know that homeownership can help you save big money when it comes to your taxes?

3 Big Sources of Tax Savings for Homeowners:
  • Deductions for mortgage interest
  • Deductions for real estate taxes
  • Capital gains exclusion for the sale of a principal residence

The deductions for mortgage interest and real estate taxes reduce the annual cost of homeownership by reducing the homeowner’s tax liability each year. For example, for a couple with an income of $60,000 and an initial mortgage of $180,000, the five years tax savings total would be more than $6,000 and the total savings over a twelve year period are estimated to be more than $33,000.

And, when the home is sold, the capital gain exclusion can again provide homeowners a tax benefit. Under present law, sellers of a principal residence can exclude profits from the sale of a home from taxation, up to $500,000 for married taxpayers and $250,000 for single taxpayers. With capital gain tax rates expected to increase from 15 to 20 percent in coming years, these tax savings can be substantial.

So it’s a no-brainer when it comes to saving money on taxes: Buying a Home keeps more of your money in your own pocket! Please visit or contact us for more information. Shaw Homes builds high-quality new homes in Tulsa, Broken Arrow, Jenks, Owasso, Claremore, and Bixby.

No comments:

Post a Comment