Tax Benefits for Homeowners

If you’ve recently become a homeowner in Indiana, it’s crucial to safeguard your investment with home insurance. Many individuals require guidance and support when choosing homeowners’ insurance. If your new home is in or near Plainfield, IN, our team at Gill Insurance Advisors invites you to meet with us to discuss your home insurance options. We’ve been assisting homeowners in your area since 2023.

Tax Benefits for Homeowners

The IRS advises homeowners to familiarize themselves with the tax benefits available to them. Homeowners can deduct the cost of their state and local real estate taxes and the interest paid on their mortgage. Some low-income homeowners who receive government assistance to purchase a home with a Mortgage Credit can claim the portion of the home’s interest paid through this credit.

However, homeowners cannot deduct wages paid to domestic employees or the cost of utilities used by their homes. Any amount paid toward the principal of their mortgage cannot be deducted from their taxes. Homeowners also cannot deduct the cost of internet or cable TV expenses. Interestingly, members of the clergy and the military who receive housing allowances can still deduct their real estate taxes and mortgage interest.

Please schedule an Appointment with Us Today

Purchasing a house involves more than just a financial investment; it’s an emotional investment in creating a home. Our team at Gill Insurance Advisors is committed to providing insurance education and support. Homeowners in and around Plainfield, IN, can rely on our team for exceptional customer service. Contact us today to schedule an appointment, and let’s collaborate to help you select the best insurance for your needs.