Tax time is a good time to remind yourself of tax advantages that may apply to owning and buying a new home. Epoca’s South San Diego homes for sale are a good investment in your future. There are tax incentives in place to encourage more people like you to fulfill their dream of being a homeowner. At Epoca, we want everyone to experience the joy of owning a brand-new home in San Diego and the built-in lifestyle advantages such as plentiful amenities, activities and a great setting. Learn just some of the reasons why buying a new home near Chula Vista at Epoca makes a lot of dollars and sense. Always check with your certified tax professional to determine your eligibility and be apprised of current state and federal laws as they fluctuate.
Mortgage Interest Deduction
Currently, both single tax filers and married couples filing jointly are allowed to deduct mortgage interest for up to two homes. The mortgage interest deduction allows you to deduct the interest versus the principal you pay on your mortgage. The deduction limit for mortgage interest is set at $750,000 for single filers and married couples filing jointly. For married couples filing separately, the limit is $375,000 in interest that they can write off. The mortgage interest tax deduction can make borrowing money to buy a home slightly less of a financial burden.
Property Tax Deduction
Based on the value of your property, this tax is the annual local fee utilized to support the quality of cities and infrastructure (local schools, public safety, roads, parks, library services and more.) The property tax deduction limit is $10,000 per tax return for individuals and joint filers and $5,000 for married couples filing separately. To qualify, you must itemize your deductions and fill out required forms (For example, Schedule A — Form 1040). Keep in mind that it makes sense to itemize only when your itemized deductions are higher than the standard deduction.
When you purchase one of Epoca’s new homes in Otay Mesa, you’ll see the immediate benefit of property tax dollars at work throughout the area. We chose our peaceful Otay Mesa address for our master-planned community because of its beautiful setting, plentiful parks, outdoor recreation, thriving atmosphere and quality of life.
Home Equity Loan Interest Deduction
Home equity is a homeowner’s stake in the property. It can be used as collateral for a loan or line of credit for large expenses to improve the home that secures the loan. Once you have earned sufficient equity at one of these new construction homes in San Diego, applying for a home equity loan or home equity line of credit might be a next step. A lender generally will look at your credit score and history, employment history, proof of income and monthly debts, just as they will do when you get your mortgage for these new homes in Otay Mesa.
Enjoy a Less Taxing and More Fun Life at Epoca
With a choice of Epoca’s sophisticated, new-construction homes by Lennar, as well as luxury apartments for rent in Otay Mesa, all in the same community, you’ll have the flexibility to find what suits your lifestyle now and in the long run. Epoca apartments for rent offer exceptional style, modern features, brand-new appliances and patios or decks. They are a perfect way to “take a drive before you buy” at this master-planned community with new homes for sale in San Diego. Now’s the time to live the ultimate San Diego lifestyle that’s good for your financial future and overall well-being at Epoca. Tax advantages in these new homes for sale are just the beginning of your dream come true and happily ever after here. Connect with us now to learn more.
