π° Tax Season Tip: How House Hacking Can Save You Money! π‘
Did you know renting out part of your home could mean big tax benefits? Whether you're renting a spare room, basement, or a multi-unit property, house hacking can help lower your housing costs AND unlock tax deductions! πβ¨
πΉ Potential Tax Perks for House Hackers:
β Mortgage Interest Deductions β Reduce your taxable income! π
β Depreciation Benefits β Claim a portion of your home as a rental property! π
β Utilities & Maintenance Deductions β If your tenant pays a portion, you may qualify for write-offs! π‘π
β Property Tax Deductions β Save more come tax time! π°
π‘ How to Maximize Your Savings:
The key is properly reporting rental income while taking advantage of the deductions available to you. A mortgage expert can help you strategize your financing options to make house hacking work for you!
π© Want to learn more about how house hacking can help you this tax season? Letβs talk!
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