Tax deductions are at the forefront of the minds of owners of Highlands NC real estate at this time of year. April 15th is looming and getting a break on taxes is a goal for most. There are deductions that you may not be aware of that make owning a home in Highlands North Carolina, or anywhere for that matter, a little more appealing.
Mortgage interest can be written off on loans of $1 million or less and if you own a vacation home in Highlands NC and that interest is higher than your primary residence you have the option of writing off the higher interest loan. Another thing to consider is the size of your property. If you own a significant amount of acreage you could choose to place some of it in a conservation easement. While this would mean that you cannot build on it in the future it also means you can write off the value as a charitable contribution.
There are many benefits that come with home ownership, some of which are tax related. Sit down with your accountant to discuss your individual situation and see how your real estate may fit into your taxes this year.
Contact me, Lynn Kimball, today to learn more about real estate in Highlands North Carolina. I welcome the opportunity to update you on current market conditions while helping you get to know our unique area at the same time.
Click here to read “Tips for Homeowners to Ease the Tax Bite” from The Wall Street Journal.