|Homeownership Benefits||One of the best justifications
for owning a home, at least for financial reasons, is the tax savings that
result from deducting mortgage interest and real estate property taxes.
Under the current tax code, mortgage interest on first and second homes is
generally deductible as long as these loans total less than $1.1 million.
To deduct property taxes and the interest paid on your mortgage, you must itemize deductions rather than take the standard deduction. For many homeowners, the combined deductions for mortgage interest and property taxes easily exceed the standard deduction.
As a home buyer, you may also be able to deduct fees charged by the lender and closing costs. Contact a tax advisor for details on how you can take advantage of homeownership tax savings.
Other advantages to buying a home include:
|Success in Buying|
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