Owning a home provides tax benefits that Santa Monica Realtors should make known to home-buyers.
Mortgage interest on your home as well as points for fees is tax deductible within limits. These limits involve how much you earn, if you are married, combined earning, and the like.
You can also get deductions from home equity loans, capital gains exclusions, moving costs, selling costs, and mortgage tax credit.
Interest on loans for home repairs is deductible as long as it is for a capital improvement, or to increase the value of your home.
Property taxes are fully deductible from your income as well as costs of a home office.
For a complete list of tax benefits, look at Santa Monica Real Estate Deduction Information. This will state qualifications and amounts. Your Santa Monica Realtor can help direct you to the proper sources of information.
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