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Homeownership Tax Benefits

One of the biggest benefits of homeownership is that you get tax benefits.  Here are the three most significant tax benefits associated with homeownership:

Mortgage Interest

When you purchase a home and take out a mortgage, you will get a tax break on the interest of that mortgage.  A homeowner can write off all of their mortgage interest from their taxable income.

Capital Gains

When you sell your home, you also get a tax break.  If you buy your home for $250,000 and sell it for $500,000 - you are making income.  However, this kind of income isn't taxed the same as income would be in a job.  If you lived in the home for at least two years and are single, you don't have to pay anything on the gain up to $250,000.

Moving Tax Credits

If you buy a home in one state and sell a home in another state, you can likely receive tax credits for moving expenses if the move is mandated by a job necessity. When you are between states, you might need to file a return in each state.

Today's Low Rates

PROGRAM RATE APR
30 Year Fixed 3.875% 3.93%
15 Year Fixed 3% 3.06%
5/1 Arm 3.5% 3.672%
All rates shown with 0 points
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