There are many benefits associated with homeownership. The American Dream offers financial gain and stability and many social benefits. A real estate agent will tell you that one of the biggest benefits associated with homeownership can be found when filing your taxes, and depending on your situation, there may be thousands of dollars coming back your way.
“Homeownership is an investment in your future,” said Amy Bortman, 2017 President. “It is where we make memories and feel comfortable and secure, it strengthens communities, and it offers homeowners financial security. Tax breaks are just one of many benefits of being a homeowner, and even those who have owned a home for years may be unaware of all of the opportunities for savings.”
As the deadline to file taxes approaches, Walton-Barrow Board of REALTORS® wants to remind homeowners of the many tax benefits, savings and deductions they can take advantage of simply by owning a home.
The mortgage interest deduction. This may be the most notable and advantageous tax benefit that homeowners enjoy. The mortgage interest deduction allows homeowners to deduct the interest paid on a mortgage debt of up to $1 million on a primary residence and one additional residence. This deduction is especially helpful in the early years of a mortgage when the monthly payment goes largely toward interest.
Property taxes. It is widely known that being a homeowner means paying taxes on your property to local government, whether it is the city, county or state.
What you might not know is that these taxes are entirely deductible from your federal income tax, which is more great tax news for homeowners.
Mortgage insurance premium deduction. Homeowners with incomes of no more than $100,000 can deduct their mortgage insurance premiums if they were required to obtain insurance as a condition of receiving financing for the home. With the current obstacles that prospective homebuyers face, such as student loan debt, the deduction is a benefit that can save homeowners a great deal of money.
“If you are on the fence about buying a home, taking advantage of these tax benefits can help put your dream home within reach. By working with a Realtor® − a member of the National Association of Realtors® − you can better understand the homebuying process and the many benefits that come with owning a home,” said Amy Bortman, 2017 President.
Buying a home can sometimes be a challenging process, but with a little work and a Realtor® at your side, 2017 may be a good time to start looking.
Visit www.waltonbarrowboardofrealtors.com or connect with a Realtor® to learn more about buying a home.
Walton-Barrow Board of REALTORS® Attend
REALTORS® Legislative Day at the Georgia Capitol
Local REALTORS® Advocate for Homeownership and Private Property Rights
(Monroe, GA) – On Tuesday, February 14, 2017, several REALTORS® from the Walton-Barrow Board of REALTORS® gathered alongside hundreds of their fellow Georgia REALTORS® (GAR) for a day of advocacy and education at the Georgia Capitol. The annual GAR Legislative Day draws more than 850 REALTORS® from across the state to Atlanta, and gives real estate professionals the opportunity to meet with their elected officials face-to-face to discuss how proposed legislation could potentially affect real estate and in, turn the community.
Local REALTORS® who made the journey to Atlanta for the GAR Legislative Day include Terri Braswell, Amy Bortman, Mike Dickson, Neal Jackson, Debbie Jones, Anna Mills, Lorrie Pelletier, Angela Pierce, Sandra Preston, Sandra Shurling, Pat Stone, and AE, Donna Peters. The group met with their elected officials, including State Representative Tom Kirby, State Representative Bruce Williamson and Senator Bill Cowsert and discussed issues that concern them, with topics including eminent domain and HOA fees.
“We had a productive meeting with our legislators while we stressed the importance of private property rights and discussed upcoming legislation that will affect our trade and consumers throughout our state,” said President Amy Bortman.
GAR hosted a luncheon for all Legislative Day attendees at the Georgia Freight Depot, in which Governor Nathan Deal was the featured speaker. Additional speakers included House Minority Leader Stacey Abrams, and Senate President Pro Tem David Shafer.
The Walton Board of REALTORS® was formed in 1975 and merged with the Barrow Board of REALTORS® in 1998. Walton-Barrow Board of REALTORS® is an association of over 150 REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry. Working for area property owners, WBBOR provides a facility for professional development, research, and exchange of information among its members.
The Georgia REALTORS® (also referred to as “The Georgia Association of REALTORS®”) is a voluntary professional association of approximately 33,000 licensed real estate brokers and salespersons engaged in all aspects of the real estate business throughout Georgia. GAR is the leading advocate for the real estate industry in Georgia, committed to protecting private property rights and free enterprise, maintaining ethical and professional standards, and enhancing the public’s awareness and confidence in REALTORS®.