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Updated over 8 years ago on . Most recent reply presented by

Ross Ellington's profile image
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Ross Ellington
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  • from New Braunfels, Texas
  • Member since Jan 9, 2015
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Ross Ellington
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Ross Ellington
  • Investor
  • New Braunfels, TX
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Tax, SDIRAs & Cost Segregation

Real estate tax breaks

Ross Ellington
  • Investor
  • New Braunfels, TX
Posted

Good evening everyone. I'm I the process of closing on our first property through the VA. My question is Are there any tax breaks with purchasing a home. Being this will be a one year owner occupy before we can rent it out. Any advice or of you'd like to add something feel free. Thanks in advance!

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David Dachtera
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  • from Rockford, IL
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David Dachtera
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David Dachtera
  • Rental Property Investor
  • Rockford, IL
Replied

@Ross Ellington,

Talk to your accountant to verify that the interest on your home loan as well as the property taxes are deductible. As an owner-occupant, you may get homestead exemptions and/or others.

Again, your financial professional will be your best resource.

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