Tax Deductible Home Expenses

Do You Know What Home Expenses Are Tax Deductible?

Understanding what is tax deductible when it comes to home ownership is important! Give us a call to better understand or check out the below info and video about these tax deductible items to consider for your Henderson Home or Las Vegas property. There are different expenses that can be deducted for primary residence vs. rental properties. 

The biggest expenses that can be deducted are: 1. Real Estate Taxes. 2. Mortgage Interest. 3. Mortgage Insurance Premiums. 

Some expenses to inquire about to your tax attorney are: 1. Mortgage Interest. 2. Lawn Care. 3. Insurance. 4. Repairs. 5. Travel.

The biggest deductions come from these 3 sources:

"Real estate taxes ac­tually paid to the taxing authority, Interest that qualifies as home mortgage interest, and Mort­gage Insurance Premiums."

Taxes

In Nevada, Real Estate is charged an annual tax on the value of real property, you can deduct these expenses. You must have paid them either at settle­ment or closing, or to a taxing authority (either directly or through an escrow account) during the year.

Interest

Mortgage Interest- to be considered deductible, the interest you pay must be on a loan secured by your main home or a second home. The loan can be a first or second mortgage, a home improvement loan, or a home equity loan.

Mortgage Insurance

Mortgage Insurance Premiums- you pay or accrue premiums for qualified mortgage insurance in connection with home acquisition debt on your qualified home. Qualified mortgage insurance is mortgage in­surance provided by the Veterans Administra­tion (VA), the Federal Housing Administration (FHA), or the Rural Housing Administration (RHA) , and private mortgage insurance.

Non Deductible Expenses

Some nondeductible expenses that may be included in your house payment include: Fire or homeowner's insurance premiums, and the amount applied to reduce the principal of the mortgage. 

About The Bush Realty Group

The Bush Realty Group consistently ranks in the Top 5 Teams at Keller Williams Realty Southwest Las Vegas and number 46 of over 10,000 agents in Clark County- Greater Las Vegas Area. The Bush Realty Group is a team of Real Estate Professional in Las Vegas Nevada. Bornand Raised in the Las Vegas area with over 17 years experience. In addition to being well-versed in buying and selling homes, The Bush Realty Group has worked with land development, managed new home community projects and commercial land sales and leasing. Presently, Michelle Bush serves at Keller Williams Realty as a Broker/Salesperson. The Bush Realty Group is a group of accomplished Real Estate professionals who prides themselves on providing outstanding service to their clients. Their experience and knowledge allows them to be well rounded in all aspects of real estate transactions. The Bush Realty Group takes care of their clients by servicing them from list to close. For all your real estate needs, please visit The Bush Realty Group at www.LasVegasAreaHomeSearch.com or call 702.483.9620.

 

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