Tax Benefits for Buyers

by Linda M. Darrigo, Realtor®

There are some great potential tax benefits for buyers of real estate. The interest paid on a mortgage loan may be tax deductible. The Property Tax paid on the property may also be tax deductible. Points paid in order to close a mortgage loan on a property may also be deductible. However, if points paid to close a loan are rolled in to the loan amount and financed,they may not be deductible in full for that year’s taxes. They may instead be deductible over the life of the loan. These potential tax benefits can help to defray the cost of real estate. I would urge anyone investing in real estate to consult with a CPA regarding the specific possible tax protection they may enjoy.

Linda