¿Obtiene una exención de impuestos por comprar una casa?

Is it true that you get a tax break for buying a house?  The answer is both yes and no. The bad news for new homeowners is that property means property taxes. The good news is that buying a home can provide many benefits when it comes to filing your taxes. By understanding what deductions, credits, and exclusions you may be eligible for, you can benefit from several tax breaks that can help to reduce the overall amount of taxes you owe. 

The first of these are a mortgage interest deduction and a property tax deduction. It’s worth noting that these tax breaks are deductions, not credits. Tax credits lower your tax bill dollar for dollar, whereas tax deductions lower your taxable income, which means you’ll be taxed on less money. Usually, buying a house does not come with a tax credit. When people reference home buying tax credits they likely mean tax deductions like the ones mentioned earlier in this paragraph or in the following one. 

Additionally, there are first time homebuyer programs and other credits and loans available for buyers who haven’t owned property before and you may also be eligible for certain first time homebuyer programs if you haven’t owned a property for a specific amount of time. If you are selling a home, there is the option of capital gains exclusion, a tax provision that allows taxpayers to exclude a certain amount of capital gains from their taxable income. This provision is intended to encourage investment and provide relief for taxpayers who may have experienced a significant increase in the value of their assets.

Mortgage Interest Deduction

One of the most significant tax breaks for buying a house is the mortgage interest deduction. This deduction allows you to deduct the amount of interest you pay on your mortgage from your taxable income. This can be a significant savings, especially if you have high mortgage payments. In order to qualify for this deduction, your mortgage must be for a primary residence and the loan amount must be under a certain limit, which is currently $750,000 for mortgages taken out after December 15, 2017. If you are feeling a little lost or are interested in learning more about mortgages take a look at our beginner’s guide.

Property Tax Deduction

Another tax break for owning a home is the property tax deduction, which allows you to deduct the amount of property taxes you pay each year from your taxable income. This can be a significant savings for homeowners in states with high property taxes.

Capital Gains Exclusion

Additionally, you may also be able to take advantage of capital gains tax exclusions if you’re selling a home. If you have lived in your home for at least two of the last five years, you may be able to exclude up to $250,000 of capital gains from the sale of your home from your taxable income. If you are married and filing jointly, the exclusion amount increases to $500,000. 

Overall, owning a home can provide many benefits when it comes to filing your taxes. The mortgage interest deduction, property tax deduction, and capital gains tax exclusions can help to reduce the overall amount of taxes homeowners owe, making owning a home even more financially beneficial. If you’re thinking about buying a home, consider consulting with a tax professional to determine if these or any other tax breaks will apply to your situation, and how they can help to lower your tax bill.


Disclaimer: I am not a tax professional. The information contained in this article is provided for informational purposes only, and should not be construed as legal advice on any subject matter.

You should not act or refrain from acting on the basis of any content included in this site without seeking legal or other professional advice. The contents of this site contain general information and may not reflect current developments or address your situation. We disclaim all liability for actions you take or fail to take based on any content on this site.

This site contains links to other web sites. We are not responsible for the privacy practices or the content of such web sites, and we do not endorse such sites.

Deja un comentario

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *