Orange County Real Estate Tax Benefits

Its tax season and that means that if you’re like most people, your getting ready to figure out exactly how much you owe the government or, better yet, how much of a refund you will be getting.  Of course, the more deductions you have, the less taxes you pay.  And the one of the biggest deductions is owning real estate.  Check out this Washington Post article if you don’t believe me.

You always need to check with your tax professional before taking any deductions, but in general, homeowners enjoy the benefit of being able to deduct many home-related costs on their taxes.  For instance, if you own an Orange County home, did you know that all the mortgage interest you pay is deductible?  And for most people who own a home in the Orange County real estate market that equals tens of thousands of dollars each year.  You can also deduct mortgage insurance costs (you know PMI), and property taxes – which in the Orange County real estate market can be thousands of dollars.

All of these deductions together can really cut the amount you pay in taxes each year.  Unfortunately, renters don’t get these privileges and often times don’t benefit form nearly as many tax breaks as homeowners.  So if you don’t own a home, now is a great time to start searching for one.  Check out the Orange County MLS and see what homes are available or shoot me an email at Angie@AskAngie.com.