BUYING A HOME IS NO small decision, and the potential tax benefits are only one of many factors to consider when making your choice. That said, for homeowners who qualify, Uncle Sam provides some tempting tax benefits and tax deductions.
Here’s an important note: The Tax Cuts and Jobs Act, which took effect in December 2017, changed and limited some of the benefits available to homeowners. An increase in the standard deduction and new limitations on itemized deductions make it less likely that you’ll utilize all or any of these tax benefits.
Tax returns that included a Schedule A, which applies to deductions like home mortgage interest, made up just 10.1% of total returns in 2018, a reduction from nearly 30% the previous year.
“Far more people are taking the standard deduction now because it’s so much greater than it used to be. The 2019 standard deduction amounts are:
- Single or married filing separately: $12,200.
- Married filing jointly: $24,400.
- Head of household: $18,350.
Hartford WI Real Estate For Sale-Jim Tripp Realtor / PSA / MRP I specialize in the Hartford/Erin and Lake Country area. I also list and sell in communities including Rubicon, Merton, Hartland, Slinger, Jackson, Milwaukee, Menomonee Falls, Germantown, Richfield, and surrounding areas. I can help you navigate through the confusion of home values and building options. Call Jim Tripp @ 414-651-7178