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Flower Mound Real Estate Agents Share Homeowner Tax Write-Off Benefits

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Buying a home in the Dallas-Ft. Worth Metroplex area is no doubt exciting; you have finally found the perfect home for you and your family. There are lots of perks of homeownership, but have you thought about tax write-offs? Taxes are something most of us don’t want to think about – but in this case, it’s a good thing!

Our Flower Mound real estate agents have a few tax write-offs to share with you that you may or may not be aware of:

Home office. Considering that many people work from home today, thanks to modern technological advances such as the Internet and smart phones, you may be eligible for the home office deduction. You may work from home full-time or have an office in your home where you work remotely on occasion.

Did you recently take a new job which required you to move? If you accepted a new job that was farther than 50 miles from your prior home and had to move, you may be able to deduct moving expenses which include those to move your furniture and possessions, as well as lodging for yourself and your family.

Mortgage interest. As you probably already know, most of the mortgage payment you make each month is interest. If your home loan is under $1 million, all of the interest you pay is deductible. Own a vacation or second home? The interest on that home is deductible, too! Also keep in mind that if you refinance your home or obtain a home equity loan, it’s likely that it is fully deductible if $100,000 or less.

Property taxes. Property taxes are another major deduction for homeowners, and should be deducted on Schedule A as an itemized expense. However, you and the seller will share this deduction if it is your first tax year in your new home, based on the portion of the year that the seller owned the home, and the portion that you owned the home.

These are just a few tax write-offs homeowners enjoy; also consider points, casualty loss, and energy credits depending on your situation.

Sure, owning your own home in North Texas does mean expenses – but there are plenty of advantages to homeownership as well! At Team Nelson, our Flower Mound realtors want to help ensure you enjoy all of the deductions you’re entitled to at tax time. If you’re in the market for a new home or looking to sell, we’re the team you can count on to make the entire process seamless and less stressful. Give us a call today!

What People Are Saying

  • I loved working with Kevin and his group at Your Home Free. I sold my house and bought a new one through him. We could only meet after work and he was always available to show us houses. He put his opinion into homes and provided insight that we wouldn't have though about. He was very easy...

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    shsugrad
    1/18/2017

    She closed for us and it was a difficult sale , not her fault but the fault of a previous mortgage agent. My wife and I love her and her work. Infact, she is in the process of representing us in a new house purchase. Ahsan Raza

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    ahsan h raza
    5/28/2020

    This is our second round with Team Nelson and they did their usual excellent job. They know the market backwards and forwards They are exceptionally professional and courteous. You can't go wrong.

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    prof override
    1/21/2020
  • Bill and his team worked with us on three transactions and were fantastic...professional, honest and worked for US. We moved out of Texas and wish we had Team Nelson working for us!

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    Paul Vigil
    12/11/2018

    My Mother recently passed away , and her house would need to be sold, in a referral by my son that also is in the real estate business he recommended Bill Nelson and his team, from the moment my brother and I met Bill and Casey, I knew we had made the right decision, they were extremely...

    hawgdaddy42 Avatar
    hawgdaddy42
    3/03/2020

    We had recently moved to Texas and when we decided to build, we were introduced to Kevin. Having Kevin (and team) walk us through local and state nuances was invaluable. The direction and guidance throughout the process was nothing less than stellar. Being in the mortgage/real estate business for...

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    ally m stewart
    5/15/2018
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