So other than fulfilling the American Dream, there are other benefits to purchasing a home. Here are just a few…
1 – Mortgage Interest Deduction; The United States still allows a home mortgage deduction – with limitations.
2 – Property Tax Deduction; Real Estate property taxes for a first home, paid, are fully deductible for income taxes.
3 – Capital Gain Exclusion; If you have resided in your home for more than five years, you may exclude up to $500,000 per married couple. ($250,000 per individual)
4 – Preferential Tax Treatment; Receipt of more profit from the sale of your home than the allowable exclusion – profits will be considered a capital asset as long as you owned your home for more than a year.
5 – Building Equity: Over time, you may be able to use your home’s equity for home improvements, or paying off higher interest debts.
Find out the benefits in owning your first home. Contact us today for a no obligation consultation.