Tax Deductions for Lexington, NC Homes

If you're the owner of a piece of Lexington, NC realty you, just like any other homeowner, can take advantage of tax deductions. There are, however, some things people think they can use as a tax write-off with their homes that they can't. 

Let's get the list of things you can't write off as deductions on your taxes first. These include:

  • Utility costs
  • Title insurance coverage (aside from mortgage insurance points, which we'll get to in a bit)
  • Settlement costs (again, other than points)
  • Home and title insurance (other than mortgage insurance)
  • Home improvements
  • HOA fees
  • Transfer taxes from a sale
  • Down payments and earnest money

Now onto the fun part; the things you can deduct for owning a Lexington, NC home.

  • Points
  • Property taxes
  • Mortgage interest
  • Mortgage insurance premiums

Your mortgage lender will usually send a statement with all the information you need to take advantage of these homeowner tax deductions except for the Lexington, NC property tax. That will be sent by the Davidson County Tax Assessor's Office. If they don't send it, you can find it at 913 Greensboro St, Lexington, NC (near I-85 and Main, just down the street from the Barbecue Center of Lexington).

Taking advantage of tax deductions for Lexington, NC homes can save you tons of money on your tax returns. Of course, if you want to make the most out of your tax returns you should consult a tax professional, but if you're looking for Lexington, NC real estate, have a quick chat about it with your friendly neighborhood Lexington, NC Realtors from Mantle Realty.