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Tax Benefits of Having a Mortgage You Need to Know 💸

Click the link in my bio to schedule a free call if you're planning on buying a house in 2025 and want to know your buying power.

Did you know your mortgage could save you thousands on taxes? Owning a home isn’t just about building equity—it also comes with significant tax perks. Here are two key benefits every homeowner should know:

1️⃣ Mortgage Interest Deduction:
In the early years of your mortgage, most of your payment goes toward interest. On average, homeowners pay $20K–$28K in interest annually during the first few years. The great news? You can deduct this amount from your taxable income, potentially saving you big when tax season rolls around! 💰

2️⃣ Property Tax Deduction:
You can also deduct your state and local property taxes from your taxable income. The cap? Up to $10K annually for married couples filing jointly or $5K for single filers. This deduction can ease the financial burden of owning a home and make your investment even more worthwhile. 🌟

💡 Pro Tip: Always consult a tax professional to maximize your deductions and ensure you’re taking full advantage of the benefits of homeownership.

Click the link in my bio to schedule a free call, if you're planning to buy a house and want to know your buying power

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