Considerations for New Homeowners During Tax Season

Buying a home is a wonderful, but often stressful process. Filing taxes for your new home doesn’t need to be. Below are three suggestions to consider as you navigate tax season as a new homeowner.

1. Hire a Certified Public Accountant (CPA). Having a tax expert on your team can make a world of difference. They’re qualified to give advice regarding important financial decisions and complicated financial matters. Red Door NW has worked with Heather Jackson with Dougall Conradie for many years and can vouch for their skill and ability to create a smooth and organized process for everyone. Contact her via email or phone: heather@cpanw.com and (503) 201-6683

2. Research first-time homebuyer incentives for the state you reside in. Although the first-time homebuyer credit program ended in 2010, there are other deductions you can claim as a homeowner. If you bought a home in Washington, check out the Washington State Housing Finance Commission to learn more about the incentives available to you. If you bought a home in Oregon, check out the Oregon Housing and Community Services to learn more about the incentives available to you

3. Consider deductions such as mortgage interest and insurance, and property taxes. Mortgage interest is the fee associated with your home loan. The mortgage interest deduction allows homeowners to deduct interest up to $750,000. Another deduction to take into account is annual property taxes for the year you pay them. Finally, look into mortgage insurance if you paid a down payment less than 20% of the home’s original value.