Tax Return Depressing? Owning a Home Could Help

Many Americans got some depressing news this week; either their tax return was not as large as they had hoped or, in some cases, they were told they owed additional money to either the Federal or State government or both. One way to save on taxes is to own your own home.

According to the Tax Policy Center’s Briefing Book -“A citizen’s guide to the fascinating (though often complex) elements of the federal Tax System” – there are several tax advantages to homeownership.

Here are four items, and a quote on each, from the Briefing Book:

1. Mortgage Interest Deduction

“Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage. The deduction is limited to interest paid on up to $1 million of debt incurred to purchase or substantially rehabilitate a home. Homeowners also may deduct interest paid on up to $100,000 of home equity debt, regardless of how they use the borrowed funds. Taxpayers who do not own their home have no comparable ability to deduct interest paid on debt incurred to purchase goods and services.”

2. Property Tax Deduction

“Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes.”

3. Imputed Rent

“Buying a home is an investment, part of the returns from which is the opportunity to live in the home rent-free. Unlike returns from other investments, the return on homeownership—what economists call “imputed rent”—is excluded from taxable income. In contrast, landlords must count as income the rent they receive, and renters may not deduct the rent they pay. A homeowner is effectively both landlord and renter, but the tax code treats homeowners the same as renters while ignoring their simultaneous role as their own landlords.”

4. Profits from Home Sales

“Taxpayers who sell assets must generally pay capital gains tax on any profits made on the sale. But homeowners may exclude from taxable income up to $250,000 ($500,000 for joint filers) of capital gains on the sale of their home if they satisfy certain criteria: they must have maintained the home as their principal residence in two out of the preceding five years, and they generally may not have claimed the capital gains exclusion for the sale of another home during the previous two years.”

Bottom Line

We are not suggesting that you purchase a house just to save on your taxes. However, if you have been on the fence as to whether 2017 is the year you should become a homeowner, this information might help with that decision.

Disclaimer: Always check with your accountant to find out what tax advantages apply to you in your area. 

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24715 N 90th Way Scottsdale, AZ 85255

$4,000,000

3 Beds

4.5 Baths

4,734 SqFt

Status Active Under Contract

MLS # 6781426

Property Type Single Family Residence

Price Type --

Spectacular contemporary masterpiece built in 2022 by Sonora West Development and designed by Swaback Architects. This home is ''model perfect''and located in the prestigious gated community of Solitude in NE Scottsdale on a quiet N/S cul-de-sac lot. Breathtaking mountain & sunset views enjoyed from the luxurious backyard retreat with fully retractable 90 degree glass panel doors that merges indoor/outdoor living seamlessly. This home boasts soaring ceilings, an open concept w/clean lines and modern architect, wide plank wood flooring, high-end finishes, chandelier and upscale lighting that creates an atmosphere of sophistication and style along w/functionality. This 4734 square foot home offers 3bdrm/4.5 bath plus office/den and is designed to perfection. The backyard is a true ... oasis featuring thoughtfully designed mature landscaping, a beautiful pool, a cozy fire-pit conversation area, a large expansive patio, built-in BBQ, and multiple seating areas, all ideal for entertaining and relaxing. This exceptional property embodies the best of Arizona living and lifestyle and an entertainer's dream.

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12183 E Sand Hills Road Scottsdale, AZ 85255

$4,000,000

5 Beds

5.5 Baths

5,022 SqFt

Status Active

MLS # 6764790

Property Type Single Family Residence

Price Type --

Fabulous home on 2 plus acres showcased by a stunning backdrop of natural landscape and large boulders. This home has 5 en-suite bedrooms and a bookcase lined office.The Casita has everything needed for an in-law setup, rental or just family and guests. The pool has a lagoon like setting with a breathtaking waterfall and hot tub spillway. Solar was installed in 2022. Don't be surprised to receive a check from APS at the end of the year. There is a 5 car garage, workshop and fully paved driveway. One has a sense of serenity just pulling up to this special home.

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5101 N Casa Blanca Drive Unit 301 Paradise Valley, AZ 85253

Open House

$4,000,000

2 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6751923

Property Type Townhouse

Price Type --

Situated on a detached corner parcel for maximum privacy inside coveted Historic Casa Blanca Phase 3 lies this stunning Spanish/Moroccan contemporary with soaring views of Camelback and beautiful sunsets. Low care manicured landscaping complete with stone fountain and outdoor fireplace, 2 car garage, prime location for safety and tranquility. High ceilings with brand new Lutron lighting system, automated shades, everything new to the studs. Custom Thermador appliances. Marble and quartz counters, lots of natural light, soft oak floors and generous primary. Truly turnkey complete with an added custom built bar. Rich, timeless & elegant, enjoy tennis, pickleball, and 3 heated pools in the convenience of a manned guard gate. Minutes from Fashion Square Mall on most desirable street in PV. Paradise Valley's best shopping and restaurants.

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7745 N Tatum Boulevard Paradise Valley, AZ 85253

Open House

$4,000,000

5 Beds

4.5 Baths

5,322 SqFt

Status Active

MLS # 6760938

Property Type Single Family Residence

Price Type --

This Home was just finished and now job transfer forces owners to sell there newly built dream home in Arizona's most prestigious area. Sitting In the heart of Paradise Valley you will find this Old Tucson Style Slump Block Home but inside is modern contemporary with lots of glass and high ceilings. Folding glass doors open to bring the natural stunning views from the backyard patio of Mummy Mountain to the east and Phoenix mountain preserves from the front patio. The split master bedroom floorplan provides privacy for the entire family and guests The floor to ceiling chilled glass wine cellar adds to the elegancy displaying over 250 bottles of your private collection. Huge covered rear patio has built-in heaters. Private guest quarters upstairs with viewing deck. Convenient N/S garages DRASTIC reduction 1.5 million from original list price of 5.5M

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7360 E Sweetwater Avenue Scottsdale, AZ 85260

$3,999,999

6 Beds

4.5 Baths

5,454 SqFt

Status Active

MLS # 6754191

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury in this brand-new construction located in gorgeous Scottsdale Arizona, with the added benefit of NO HOA. This exceptional property boasts an array of unique features, including two kitchens, two mudrooms, two laundry rooms (one with a pet shower), and a 6th bedroom with a private entrance. The thoughtfully designed split floor plan places the primary suite in the west wing, offering a spacious walk-in closet, an oversized shower, and a private patio. The east wing houses the second kitchen and an additional family room, perfect for extended family or guests. The custom kitchen is a chef's dream, featuring quartzite countertops, birch cabinets, top-of-the-line Wolf and Sub-Zero appliances, and a walk-in pantry with a separate sink and dishwasher. The home is adorned with European oak hardwood plank flooring throughout, providing warmth and elegance. Beautifully designed by Kevin Robert Interiors, the home is architecturally stunning with a glass-encased wine rack, multiple ensuite bathrooms, and several covered outdoor spaces. The new outdoor kitchen is perfect for entertaining, and the oversized north-facing backyard includes a brand-new pebble-tec pool and a Pickleball/Basketball court for recreation. This property is a rare find, combining luxury, functionality, and style in one of Scottsdale's most desirable locations.

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8436 E Sahuaro Drive Scottsdale, AZ 85260

Open House

$3,999,999

4 Beds

3.5 Baths

4,721 SqFt

Status Active

MLS # 6778929

Property Type Single Family Residence

Price Type --

Discover ultimate luxury in this fully rebuilt 4,721 sq ft home in Scottsdale's Cactus Corridor. Reimagined under the architectural expertise of NewWest Design Studio, with interior design by Weaver Interiors, every inch of this property has been transformed with sophistication and style. Featuring 4 bedrooms, 3.5 baths, and high-end designer finishes throughout, this home exudes elegance. The gourmet kitchen includes a full suite of Thermador appliances, including a 36-inch fridge and freezer. Massive Western sliding glass doors open to a new pool and expansive backyard on nearly an acre, with room to build an oversized garage and a 2-bedroom casita. Architectural drawings for the garage and casita are complete, and the builder is ready to start construction immediately.

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11108 E Mariola Way Scottsdale, AZ 85262

$3,999,977

4 Beds

4.5 Baths

7,277 SqFt

Status Active

MLS # 6662532

Property Type Single Family Residence

Price Type --

A rare, immediate golf membership is available with purchase. Ask for details! This is a hillside gem capturing awe-inspiring panoramic mountain views from every corner! This home was made to entertain the largest of gatherings, yet cozy enough for the smallest. Top of the line when built in 2004. Built into the mountain. Hardly lived in. CMU build. Great bones. Needs some updating and you've just added to the equity. Multi generational for those who don't mind the shallow steps. 4 separate guest suites, including the 950 sf upper deck casita. 3 car garage, 7+ additional parking spots. Well designed motor court. Purchase the lot in front and build another home or tie it to this lot for an acre of expanded yard. For undisturbed views, pets, kids, parties or whatever your heart desires.

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10728 E Cottontail Lane Scottsdale, AZ 85255

$3,999,800

4 Beds

4.5 Baths

5,511 SqFt

Status Active

MLS # 6704872

Property Type Single Family Residence

Price Type --

This timeless styled Spanish Colonial home rests in guard gated Windy Walk Estates of Troon. It's North - South exposure captures views of Pinnacle Peak, Troon Mountain and city lights. The luxurious home is all on one level except for a large 875/sf 2nd level game/office/bedroom with its own fireplace, full bath and balcony overlooking city light views. You enter the main home through a hand forged iron gate into a charming front courtyard with bubbly fountain. The iron front door opens to the formal living and dining areas with rough sawn beams, stone floors, Venetian plastered walls and a cantera stone fireplace. Just down the hall is an intimate home theater. The large family room includes a corner fireplace, walk-up wet bar with ice maker, dishwasher, Sub-Zero wine and beverage ..... cooler plus room for a pool table. It opens to a center island kitchen with Wolf and Sub-Zero appliances and breakfast room. The Arcadia doors from the breakfast room lead to an outdoor patio with fireplace, BBQ and pizza oven all overlooking views of the boulder filled Troon Mountain. The kitchen conveniently opens to the 4 car garage and includes a key drop and very large walk-in pantry. The charming Primary suite includes a fireplace and a marble floored bath and a large closet that opens to the laundry room. The living room, family room and Primary suite are lined with Arcadia doors opening to arched covered patio that overlook the sparkling pool, paver hardscape, lush landscaping and views of Pinnacle Peak. The home has been updated with Venetian plastered walls, white oak flooring, new garage doors and a Bull Frog spa. Two of the three HVAC systems have been replaced and the exterior has been newly painted. The home includes 4 interior and 1 exterior fireplaces.

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W Kayenta Trail Laveen, AZ 85339

$3,999,000

5 Beds

7 Baths

5,486 SqFt

Status Active

MLS # 6779097

Property Type Single Family Residence

Price Type --

Sunset Coves Estates Luxury Living! Your opportunity to own a piece of Paradise in one of the most luxurious, private, soon-to-be-gated neighborhoods in the west valley. The property has incredible views of South Mountain and Carver Mountain. Quick I10/202 freeway access. Sunset Cove Estates lives up to its name by providing the Phoenix Valley's most stunning sunrises as well as sunsets. Homes in this Luxury Community have at least 1 acre. South Mountain Park hiking/biking trails are a two-minute walk from your front door. The main house consists of approximately 4,814 sqft with 4 car garage. 672 sqft Casita with its own garage. Main house has 4 bedrooms, each with their own bathroom. Outdoor patio will consist of over 1,300 sqft. This custom home will be complete in 2025 Home can be built in 2 ways. Either traditional or contemporary.

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3800 S Clubhouse Drive Unit 5 Chandler, AZ 85248

$3,999,000

5 Beds

6.5 Baths

9,668 SqFt

Status Active

MLS # 6711422

Property Type Single Family Residence

Price Type --

This exquisite lake front custom home resides in the exclusive gated subdivision of Crown Point, a private community with only 11 lots. It provides easy access to the Ocotillo Golf Club, a premiere golf destination in Chandler, Arizona. This Spanish/Mediterranean home has 5 bedrooms and 6 1/2 bathrooms. There are 3 bedrooms on the main floor, 2 being ENORMOUS full master suites, each on opposite ends of the home. There are 8760 sq ft of living space, plus 1156 sq ft in attached casita. The casita has a separate entrance, with bar and bathroom with easy access from the pool and patio. The kitchen has new appliances. 4 Viking convection ovens, 8 burner Viking stove, 36 inch Viking refrigerator, 36 inch Viking freezer, and 2 dishwashers and ice maker. Two islands in the kitchen make entertaining effortless. The under the staircase wine cellar is amazing, with stone clad walls and clay slots.Upper level includes 2 bedrooms, 2 bathrooms, game room/lounging area, bar with mini kitchen and fireplace. You can view the gorgeous Arizona sunsets from a private patio just outside.The negative edge pool was resurfaced and equipment replaced. There is also a spa and fire pit for your enjoyment. All the bathrooms were remodeled. The roof was just replaced at a cost or $300, 000.00, and four of the five AC units were recently replaced. All of this and more in this Magnificent Move In Ready Home!!

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10071 E Aniko Drive Scottsdale, AZ 85262

$3,997,000

3 Beds

3.5 Baths

4,475 SqFt

Status Active

MLS # 6765790

Property Type Single Family Residence

Price Type --

Introducing a stunning new build set to complete in 2025, this desert modern home seamlessly blends contemporary design with the breathtaking natural landscape of Mirabel, Arizona. With a thoughtfully designed layout, the home features three spacious bedrooms, an inspiring office, and a dedicated game room, making it perfect for both relaxation and entertainment. Exterior: The striking facade showcases clean lines and a combination of natural stone, stucco, and expansive glass elements that invite the desert landscape indoors. The property is surrounded by low-maintenance native landscaping, enhancing its eco-friendly appeal while ensuring a harmonious connection with the environment. A spacious covered patio extends the living area outdoors, perfect for enjoying Arizona's stunning sunsets. Interior: As you step inside, you'll be greeted by an open-concept floor plan bathed in natural light. High ceilings and large windows create an airy atmosphere, while polished concrete floors and warm wooden accents add a touch of warmth. The gourmet kitchen features state-of-the-art appliances, sleek cabinetry, and a spacious island that flows into the dining and living areasideal for hosting gatherings. The master suite serves as a serene retreat, complete with a spa-like ensuite bathroom featuring dual vanities, a soaking tub, and a walk-in shower. Two additional bedrooms provide ample space for family or guests, each designed with comfort and style in mind. The versatile office space offers a quiet haven for productivity, while the game room is designed for fun and relaxation, complete with space for a pool table, gaming consoles, and lounge seating. Sustainability: This home is equipped with energy-efficient systems and smart home technology, ensuring a sustainable lifestyle without compromising on luxury. Whether you're seeking a year-round residence or a seasonal getaway, this desert modern home in Mirabel, Arizona, promises to be an exceptional living experience that celebrates the beauty of desert living. Don't miss your chance to own this exquisite piece of architecture!

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7007 N 59th Place Paradise Valley, AZ 85253

$3,997,000

4 Beds

4 Baths

4,327 SqFt

Status Active Under Contract

MLS # 6752372

Property Type Single Family Residence

Price Type --

Few homes with this intimate head-to-tail view of Camelback Mountain become available for purchase in this highly desirable Paradise Valley neighborhood at the base of Mummy Mountain. 22' floor to ceiling windows fill the expansive Grande living room with natural light and offer mountain and downtown light views. Soaring tongue and groove ceiling and hardwood floors warm the space. Remodeled kitchen features Wolf and Subzero, European cabinetry, center island and custom lighting. The primary suite is a tranquil retreat -featuring a large stone fireplace which separates the bedroom from the spa master bath with a large vanity, soaking tub, and separate shower all surrounded by luxurious marble. This distinctive home offers privacy, tranquility in a premium location and setting. Home features the spa like primary suite, den or 4th bedroom, and a guest wing with 2 ensuite guest rooms both with direct access to patios. Entertain around the saltwater pool and spa, dine on the covered view deck while enjoying tranquil, balanced city light and mountain views. Three outdoor fireplaces, custom landscape, and lighting complete the perfect evening. Private, serene setting in one of PV's best locations featuring distinctive architectural detail and is move in ready! You will truly feel you have entered a wellness spa, this home calms and invites you to stay! Partial list of improvemnts. Roof 4 years ago 2 Tankless water heaters. Whole house water purification. All Landscape irrigation / lighting. Roof insulation Various plumbing improvements. Hvac - 3 units replaced in 2018. Backyard hardsape replaced after owner's purchase.

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