The Porter Group at APM

6 Tax Deductions for Homeowners

Being a homeowner is great, but saving on taxes? Even better! Here are 6 tax benefits every homeowner should know about:

1️⃣ Mortgage Interest Deduction

Did you know the interest you pay on your mortgage could lower your taxable income? It’s a major perk of homeownership, so be sure to grab Form 1098 from your lender to claim this deduction!

2️⃣ The Augusta Rule

This little-known tax rule allows you to rent out your home for up to 14 days a year—completely tax-free! Whether it’s Airbnb or a short-term rental, you don’t need to report the income. Use those extra earnings however you’d like!

3️⃣ Property Tax Deductions

Depending on your state, you can deduct up to $10,000 ($5,000 for singles) in property taxes. Keep an eye on your local tax rules to make sure you’re getting the maximum deduction possible.

4️⃣ Home Equity Loan Deduction

If you’ve used a home equity loan to make improvements, you might be able to deduct the interest on that loan. It’s a great way to ease the cost of home renovations while saving on your taxes.

5️⃣ Capital Gains Exemption

Thinking about selling your home? If you’ve lived there for at least 2 of the last 5 years, you can exclude up to $250K ($500K for couples) of capital gains from taxes. This is a huge advantage for homeowners looking to sell!

6️⃣ Home Office Deduction

For those working from home, you can deduct a portion of your home’s expenses based on the area you use as an office. Everything from maintenance to utilities can be written off, helping you lower your tax bill while running your business from home.

Give our team a call, and we can help guide you through more savings and benefits of homeownership!

Annie Porter
The Porter Group
707-999-0496
[email protected]
NMLS 1102680

I get it—real estate can feel risky. But here’s something to think about: A bank is willing to lend you 97% - 100% of the money to buy a property. Imagine not taking advantage of that opportunity!

Sure, every investment comes with risks, but more often than not the potential reward far outweighs those risks.
Buying a home is a big decision, but trust me, the long-term benefits will always outweigh the initial discomfort.

👉 Ready to take the leap into homeownership? Let’s start the mortgage pre-approval process, smart planning starts now. Give my team a call today, for a FREE consultation where you’ll learn how to navigate the current market challenges and discover how to avoid costly mistakes! The Porter Group will bring you Home.

❤️

Annie Porter
707-999-0496
[email protected]
The Porter Group
NMLS 1102680

Planning to buy a house in 2025? Here are some mistakes to avoid and what to do instead👇🏻

1️⃣ Skip the debit card—use your credit card instead and pay it off in full each month. Not only is it safer, but it shows lenders you can handle borrowing and repaying money responsibly.

2️⃣ Thinking about a new car? Wait until after you’ve closed on your home. Financing a car can mess with your debt-to-income ratio and credit score.

3️⃣ Got cash stashed away? Get it into a high-yield savings account ASAP. Lenders will check your last 2 months of bank statements, and large cash deposits won’t help.

4️⃣ If you’re more than 6 months out, feel free to browse Zillow. But when you’re serious, use the MLS for accurate info—your agent can hook you up!

5️⃣ Hold onto your pay stubs and W2s. Lenders will need them when the time comes.

6️⃣ Don’t borrow money! If you’re receiving a gift for your down payment, make sure it’s documented as a gift, not a loan.

Looking to buy in 2025? Don’t go broke trying! Give our team a call today and we’ll go over how to tackle today’s market and avoid costly mistakes!

The Porter Group
Annie Porter
707-999-0496
[email protected]
NMLS 1102680