There is no doubt that building a new home or buying a new home is a major investment. There is some good news when it comes to building a new home and filing your taxes.
While most of the expenses that come into play when building a new home are not tax-deductible that doesn’t mean that you can’t get at least some type of tax break on your new home.
Similar to buying an existing home by way of a regular home mortgage, if you secured a construction loan the interest is tax-deductible during the first 24 months.
Additionally, if you secure a mortgage on your newly built house, you could also be able to deduct this interest going forward as well as any points that you paid to secure the mortgage.
Along with tax deductions, you may also fall under the qualifications on some tax credits. If you install energy-efficient heating, air-condition, and/or insulation, you may see some tax breaks here. Homebuilding expenses are considered a personal expense claimable on taxes as well.
Are you still wondering whether building a new home in the Southwest Florida area is right for you? We know Florida life. Talk with us and let us help you get the facts so you can make the best decision for you and your family.
At Harden Custom Homes, we focus on constructing quality homes that meet the tailored needs of our clients. If you are ready to move forward and build your new dream home, contact us for more information on how to get started.
Call Harden Custom Homes at 239-205-5075 to discuss your future custom home. You may also swing by our corporate showroom which is located at 5782 Enterprise Parkway Fort Myers, FL 33905. We would love to meet you. www.hardencustomhomes.com.
Make 2020 the year your dream of building the home you have always wanted.