Big Tax Breaks for Higher Mortgage Rates: Report

As the annual tax season begins, Merrick Manor condominium owners can utilize the current elevated interest rate environment to their advantage through mortgage interest deductions. This can offset a substantial amount of what borrowers spend on monthly mortgage payments through annual tax returns or getting in a lower tax bracket.

A new report from NBC News describes mortgage interest deductions as a “silver lining” for the 2024 tax season. Newer buyers are in the best position to benefit, which is something anyone considering the purchase of one of Merrick Manor’s last available condos should keep in mind.

Mortgage interest, one of the most common tax deductions for homeowners, can also be the “most lucrative,” according to CNET. For newer buyers, the first five years of mortgage payments mostly cover interest. That timeframe represents the typical condo ownership lifecycle, so a Merrick Manor unit owner could get the biggest deductions before trading up for a larger property.

Speak with a licensed CPA to get more information about mortgage interest tax deductions.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.”

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.