Purchasing a home is the most significant investment most people will make. Owning your home comes with valuable tax advantages that can reduce your annual tax bill. One of the primary benefits is the mortgage interest deduction, which allows homeowners to deduct the interest paid on mortgage loans, up to certain limits. This can be particularly beneficial in the early years of a mortgage when interest payments are highest. In addition, property taxes paid on your primary residence are generally deductible, up to the IRS limit for state and local taxes (currently $10,000 for individuals or married couples filing jointly). Contact us to learn about other tax-related benefits of owning a home.
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