January 11, 2022 | Sexton Real Estate Group
Do you know the basics about taxes and home buying? If not, you need to watch these videos. They will help you understand how taxes work when it comes to a home purchase and what kind of tax deductions there are for homeowners. These videos can make a huge difference in your financial future.
Know The Steps You Need To Take When Buying A Home
It is important to know the steps you need to take when buying a home because it can be overwhelming if you don’t have a plan. The process of buying a home can be long and complicated, so it’s important to make sure you’re organized and prepared for everything. Having a plan will help ensure that you don’t miss any important steps along the way and that you get the best deal on your new home.
Here is a video about the steps you need to know before buying a home:
Familiarize Yourself With The Tax Implications
One of the most important steps you can take when buying a home is to familiarize yourself with the tax implications. There are many videos on YouTube that discuss taxes and buying a home, and it’s important to watch as many as possible so you know what to expect come tax season. For example, if you purchase a new home, there may be some extra deductions you qualify for. Make sure to keep all your receipts and paperwork related to your new home in order so you can take advantage of these tax breaks.
This video talks about tax implications when buying a home:
Should You Buy Or Should You Rent?
There is no definitive answer to this question, as it depends on a variety of factors including your income, debts, and credit score. However, there are a few videos about taxes and buying a home in California that you should watch if you’re considering purchasing a property in the Golden State.
Know What Kinds Of Taxes Are Involved In Buying A House
One of the most important things to know when buying a house is what taxes are involved. There are many different types of taxes, and they can add up quickly. It’s important to be aware of them so you don’t get hit with any surprises after closing.
Some of the most common taxes related to buying a home are property taxes and sales taxes. Property taxes are assessed by your local municipality and are based on the value of your home. Sales tax is charged by the state when you purchase a home and is typically about six percent of the sale price.
This video talks about five things you need to know about California property taxes:
Tax Deductions For First-Time Homebuyers
There are many tax deductions for first-time homebuyers that you may be able to take advantage of when purchasing your new home. Keep in mind, though, that each deduction has specific requirements that you must meet in order to claim it on your taxes. This video talks about popular deductions for first-time buyers:
Although there are many tax deductions available to homeowners, one of the most beneficial is the first-time homebuyers’ credit. To qualify for this break you must be a new homeowner who has not owned a principal residence in the past three years.
There’s also the mortgage interest deduction and the property taxes deduction.
If you are buying a home or refinancing your mortgage, then you will want to pay attention to what is called the “mortgage interest deduction.” This means people who have bought their own homes can deduct part of the interest they paid on their mortgages.
The property taxes deduction is one of the most common ones. This deduction allows you to deduct the amount of money that you have paid in property taxes from your taxable income. There are a few things that you need to know about this deduction before claiming it on your tax return.
Only homeowners can claim this deduction. If you are renting your home, then you cannot claim the property taxes deduction. You also need to be the owner of the home and not just have a mortgage on it. In order to take this deduction, you will need to itemize your deductions on your tax return.
Are Videos An Important Source Of Information About Taxes And Buying A Home?
There is no question that videos are an important source of information for taxpayers and those considering buying a home. The IRS has several videos on its website about taxes and buying a home, and these videos can provide valuable insights into the process.
We hope you enjoyed these videos on taxes and buying a home. If you have any more questions or want to get started with your mortgage application process, give us a call!
Taxes and Buying a Home in California 101: All the Basics You Need to Know
Are You Looking to Buy a Home in Northern California?
The top real estate agency in Northern California, Sexton Group Real Estate in Berkeley, California is a boutique real estate company specializing in residential sales for properties throughout the San Francisco Bay Area. To better serve our clients we have three local offices, one in the heart of picturesque Berkeley, one near downtown Oakland and the third in the heart of historic Lafayette, California. The Sexton Group encompasses the essence of Berkeley’s charm, Oakland’s history and Lafayette’s family-oriented vibe all with a relaxed, down-to-earth nature. We are an amazing group of real estate agents whose wealth of experience spans more than 25 years in the industry. Looking to buy a home in Contra Costa or Alameda County? Contact us today for your free consultation!