But you can call someone who is, and when you do, you could ask them if you qualify for some of the tax benefits that homeownership could offer.*
Did you close on a house in Richmond, Virginia this past year? Some of your closing costs could be tax deductible. Property taxes are almost always tax-deductible, and transfer fees too. Points that you pay at closing can be tax deductible and interest that is pre-paid can be claimed as well.
Already own a home in Richmond, Virginia? Well, that’s okay, your PMI (that’s Private Mortgage Insurance) can be deducted for some individuals.** Also, your mortgage interest may be deductible. Equity loans and home improvement loans can be deducted too. Further, if you have made improvements that are energy efficient, you can claim a portion of those costs (think windows, doors, HVAC).
Lastly, did Linchpin find you a home with a dedicated office? If so, you might find some additional savings there as well.*** If not… let’s work on that in the coming year!****
* Again, we are not tax professionals and are in no way offering tax advice.
** Maybe that’s you, ask a tax professional.
*** Must be a dedicated office space, and fit other IRS criteria for a home office. Speak to your tax professional to see if your home office qualifies.
**** We are real estate professionals and can help you buy or sell a home and offer real estate advice for residential property in Richmond, VA and the surrounding counties.
If you are looking for a tax advisor, we suggest Thompson Accounting:
https://www.thompsonaccountinginc.com/