1. Mortgage Interest Deduction: If you have a mortgage on your house, you can deduct the interest you pay on your mortgage from your taxable income.

  2. Property Tax Deduction: You can also deduct the property taxes you pay on your home from your taxable income.

  3. Capital Gains Exclusion: If you sell your house and make a profit, you can exclude up to $250,000 (or $500,000 if you're married and filing jointly) of that profit from capital gains taxes, as long as you've lived in the house for at least two of the last five years before selling it.

  4. Home Office Deduction: If you use a portion of your home exclusively for business purposes, you may be able to deduct some of your home expenses as business expenses on your tax return.

Interested in buying a home in 2023?

Contact the Reach Home Group today!