The 3 Big Tax Breaks you could get in 2015 if you buy a home

If you missed out on buying a house last year, that is ok. 2015 is a great time to a buy a house in Lake Tahoe and you can still take advantage of a great inventory, low mortgage rates and of course, tax breaks. In fact, you can take advantage of 3 house tax breaks this year.

Say farewell to renting, which doesn’t offer tax breaks

If you look at the recent numbers, renting has become very expensive with no hint at coming down in price any time soon. Renters don’t receive a lot of tax breaks, however, home owners do AND you still get to make a great investment and control your living situation.

Use points for even lower interest rates

Deductible points are a standard tax break, but 2015 could be a great year to buy points as rates are at an all time low. With experts predicting that rates will only go back up, taking advantage of points now can knock an extra point or two off an already low 30 year rate. Since points are a form of interest and are tax deductible for first time home buyers, you can get a pretty good tax break so long as you meet the standard requirements.

Take advantage of energy credits

Installing energy saving systems in homes is a popular trend being adopted by many homeowners. In 2015, you can write off up to 30% of the cost off as part of the Residential Renewable Energy Tax Credit. Items that qualify are solar panels, solar water heaters, wind turbines, geothermal heat pumps and more. This tax credit is good through 2016.

Other credits that are currently set to end at the end of 2015 if they are not extended by Congress are PMI deductions and Energy Upgrades. PMI deductions allow you to deduct money that was paid into private mortgage insurance. Energy upgrades (The Nonbusiness energy property credit) allows you up to $500 in deductions on energy efficient upgrades.

If you feel 2015 is your year to buy, call Peter Delilli at 530-308-4331 for information or buying a home in Lake Tahoe.

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