For most people, April 15th is a deadline to dread. But for new homeowners in Southeastern North Carolina, it’s often a date to celebrate.

If you bought a home in New Hanover, Pender, Onslow, or Brunswick County in 2024, your tax return might look significantly different this year. Homeownership unlocks a tier of tax benefits that renting simply doesn't offer, from mortgage interest deductions to energy credits. However, the IRS doesn’t give these to you automatically—you have to prove you earned them.

As you prepare for tax season, here is the checklist of documents you need to hunt down now so you aren’t scrambling later.

1. The "Holy Grail": Form 1098 (Mortgage Interest Statement)

This is the big one. If you have a mortgage, your lender will mail (or email) you Form 1098 by the end of January.

What it shows: The total amount of mortgage interest you paid in 2024.

Why it matters: For most homeowners, mortgage interest is the largest deduction they can claim. For 2024 tax returns, you can deduct interest on up to $750,000 of mortgage debt (or $375,000 if married filing separately).

Note for Investors: If you own rental properties in Surf City or Oak Island, ensure you have a separate 1098 for each income-producing property.

2. The "Forgotten" Form: Your Closing Disclosure (CD)

Most people file this away after closing and never look at it again. Dig it out. If you bought your home in 2024, this document is a goldmine.

Prepaid Interest: Did you close in the middle of the month? You likely paid interest from your closing date to the end of that month upfront. This often doesn't make it onto the Form 1098 but is still deductible.

Mortgage Points: If you paid "points" to buy down your interest rate, that cost is often deductible in the year you paid it.

Property Taxes: You likely reimbursed the seller for a portion of the year's property taxes at the closing table. This amount is deductible, even if you didn't physically write a check to the county tax office yourself.

3. Property Tax Records

In North Carolina, you can deduct up to $10,000 (combined) for state and local taxes, including property taxes.

Where to find it: If you pay taxes through your mortgage escrow, this will appear on your annual escrow analysis or Form 1098. If you pay directly, check the online tax portals for New Hanover, Pender, Onslow, or Brunswick counties to download your payment history.

4. Energy Credit Receipts (Inflation Reduction Act)

Did you install a new heat pump, replace drafty windows, or add solar panels to your coastal home this year? The Inflation Reduction Act has expanded the credits available for 2024/2025.

The Benefit: You may be eligible for a tax credit of up to 30% of the cost of qualifying improvements (up to $3,200 annually).

What to Keep: Save the invoice listing the specific model number and the "AHRI Certificate" proving it meets energy efficiency standards.

5. Special Note for Seniors and Veterans: The June 1st Deadline

While this doesn't affect your income tax return in April, it significantly affects your property tax bill later in the year.

Homestead Exclusion: If you are over 65 or totally disabled and earn approx. $38,800 or less (combined household income), you may qualify to exclude $25,000 or 50% of your home's value from property taxes.

Disabled Veteran Exclusion: There is no income limit for veterans with a 100% service-connected disability. This program knocks $45,000 off your assessed value.

The Action Item: You must file an application with your County Tax Administrator by June 1st, 2025. Do not miss this date, or you will have to wait another year for relief.

Building Your Team

Tax laws are complex, and they change often (especially with recent disaster relief provisions for storms like Debby or Helene). While we are experts in real estate, we always recommend verifying your specific strategy with a qualified CPA.

At Aspyre Realty Group, we believe in supporting our clients long after the closing table. Whether you need a recommendation for a tax professional who understands real estate investment or a contractor to help you snag those energy credits before next year, we are here to connect you. Let’s ensure your home is working as hard for your financial future as you are.