The Tax Benefits of Home Ownership!
Published: March 03 2011
It’s that time of year when everyone is thinking about taxes! Will you get a refund? What can you deduct? One of the best tax benefits is owning a home!
Here are three huge benefits to owning a home:
- The Purchase: The IRS says you can deduct interest in the year that it is paid, and that is usually part of each monthly loan payment.
- Mortgage Interest: In general, you can deduct interest charged on a loan used to acquire or improve your principal residence in the year that it is paid.
- The Sale: This is the best new of all! You can earn up to $500,000 on the sale of your home and pay no federal income tax.
If you’d like to read about these benefits in detail, please click here to read “Tax Benefits of Home Ownership Are Almost Too Good to Be True,” an article provided by Realtor.com.