Now is the time of year to take advantage of tax benefits for owners of Highlands NC real estate. We have entered the last quarter of the year, a time to shore up our list of items that get us a break come April 15. Luckily owning a home has some write-offs attached.
The mortgage tax deduction is perhaps the most known tax benefit of home ownership. Another benefit of owning a vacation property in Highlands is that if you rent it out for less than 14 days you can keep the income tax-free. This tax-free income can help pay some of the expenses associated with owning a second home. There are also write-offs associated with a home office but be careful, what you have depreciated as home office space will be taxed if you decide to sell. Tax benefits are one big difference between owning a home or renting.
Contact our team at Berkshire Hathaway HomeServices Meadows Mountain Realty today to learn more about homes in Highlands NC. We welcome the opportunity to update you on current market conditions while getting you started on your home search. Let our knowledge and experience serve as your guide to Highlands NC real estate.
Click here to read “Tips for Tax-Savvy Homeowners” from The Wall Street Journal.