If you are on the fence for buying a home in Knox County, you should know that owning a home provides unique tax benefits of which renters are unable to take advantage.
When you first purchase your Knox County home, the closing costs and daily interest are deductible from your yearly taxes. The daily interest is what is accrued between the closing date and the end of the month, but keep in mind this does not apply to you if you close on the first of the month.
You are also able to deduct the interest you pay on your mortgage from your yearly taxes. A large portion of the payments during the early stages of your loan go toward paying off interest, so this is especially helpful for homeowners when they first buy their home.
Finally, a married couple does not have to pay interest when they sell their home up to $500,000 ($250,000 for singles). You only have to start paying interest after those marks. In order to qualify for this benefit, you must have lived in your Knox County home for two of the past five years, and you can take advantage of this benefit as many times as you want throughout your lifetime.
Want to learn more about buying a home in Knox County and all of the benefits involved? Call Coldwell Baker Wallace & Wallace, REALTORS for everything you need to know.