Additional expenses are one of the many things to consider when buying a home but can it save you money as well? In many areas rental costs are increasing and with mortgage rates holding at all time lows home ownership is as affordable as ever. An often overlooked aspect of home ownership is the potential tax savings.
Courtesy of NAR (The National Association of Realtors) the most recently released tax data from 2012 reveals 97 million tax filers only took the standard deduction but 46 million itemized their deductions, largely homeowners. Of those 46 million, 34.4 million deducted $328 billion in mortgage interest and 39.2 million deducted $172 billion in real estate taxes. That is a total savings of property owners of 500 billion in tax savings!
Thinking of buying a home, contact a Realtor today! We can help you move from standard to homeowner for next year’s taxes.