Buying a home is exciting—but it also comes with new responsibilities, especially during tax season. If you’re a recent homeowner in Bentonville or Centerton, you’ll want to make the most of every tax benefit available to you.
At XNA Realty Group, we don’t just help you find the perfect home—we’re here to guide you through what comes next. 🧾 Let’s take a look at some key tax tips every new homeowner should know!
💸 1. Take Advantage of Mortgage Interest Deductions
One of the biggest perks of homeownership is the ability to deduct the interest paid on your mortgage—especially in those early years when interest makes up the bulk of your payments.
👉 Just make sure you’re itemizing your deductions!
🏠 2. Property Tax Deductions
Did you know you may be able to deduct your annual property taxes? This can be a significant deduction for many homeowners in Bentonville and Centerton.
📝 Keep records of your tax payments for easy filing.
🔧 3. Save Receipts for Energy-Efficient Upgrades
Making your home more eco-friendly? You might qualify for federal tax credits for improvements like:
- Energy-efficient windows or insulation
- Solar panels
- Smart thermostats
These upgrades save you money twice—on energy bills and your taxes!
💰 4. Understand Capital Gains (For the Future)
While this won’t apply right away, keep in mind: if you sell your home in the future, you could qualify for capital gains tax exclusions on profits (up to $250,000 for individuals or $500,000 for married couples) if it was your primary residence for at least 2 of the last 5 years.
📆 Keep track of any major upgrades or renovations—they could impact your home’s cost basis!
🧑💼 5. Consult a Tax Professional
While these tips are a great start, every homeowner’s situation is different. That’s why we always recommend working with a licensed tax advisor to ensure you’re maximizing your benefits and complying with current laws.
📲 Ready to Buy or Just Closed on a Home?
Whether you’re still exploring your options or you’ve just moved in, the team at XNA Realty Group is here to make your homeownership journey smooth—from the front door to your tax forms!
Give us a call to get expert real estate guidance with a local touch.
📞 (479) 310-5630
📧 info@xnarealtygroup.com
🌐 www.xnarealtygroup.com
