Tax Benefits of Owning Your Home!
Homeownership can have many financial benefits that you would not be able to take advantage of if you rent. Owning your home helps build wealth and better financial security. In addition to that, there are quite a few tax benefits homeowners have
- Mortgage interest deduction: you can itemize on your tax return to show interest expense which is able to be deducted.
- Real estate taxes: are tax deductible if you occupy your home.
- Mortgage insurance: if you had to buy mortgage insurance since you financed more than 80%, those premiums are deductible.
- Capital Gains: often times, homeowners will not need to pay capital gains tax on the profit from the sale of your home.
These are just some of the tax benefits you could gain from owning a home. Contact your accountant for more details on the savings you could have.