Tax Savings on Florida Homes

Buying a home at the end of the year has advantages. Tax savings, for one. Closing on your new Florida home by Dec. 31 means you can deduct mortgage interest, property taxes and points on your loan on that year´s income tax return.

You can also deduct the interest costs associated with a home equity loan. These deductions are significant, especially in the early years of your loan when you are paying off so much interest. Many sellers will also be anxious to sell by the end of the year so that they, too, can enjoy tax savings on the next home they purchase.