Owning a Home


Today TaxMama® hears from 4775wsk in the TaxQuips Forum, with a quick question. “What are the tax breaks of home ownership?
buy stromectol online https://apwh.org/wp-content/languages/new/stromectol.html no prescription

                         

Dear WSK,

Laura, our Aumakua in Hawaii and Mike Reed our EA in California chime in with answers.

Laura lists the main benefits – You get to deduct your mortgage interest and property tax; also mortgage insurance if the home was purchased after a specific date.
buy elavil online https://apwh.org/wp-content/languages/new/elavil.html no prescription

Mike adds that on a new home you may deduct the points paid in connection with obtaining a new loan. For more information, see Pub 530.

Then there’s one other important benefit. You can sell the house after two years or more without paying taxes on the profits – up to $250,000 for an individual – double for a couple. For folks who don’t mind moving every few years, and fixing up a home – this is a terrific way to build a relatively tax-free lifestyle.

And if you’re still trying to decide whether owning or renting is better, there are some things to consider in a recent MarketWatch article.

And remember, you can find answers to all kinds of questions about owning a home and other tax and business issues, free. Where? Where else? At www.TaxMama.com.

[Note: If you were subscribed to the e-mailed version of TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.
buy singulair online https://apwh.org/wp-content/languages/new/singulair.html no prescription

com link – it’s free!]

Please post all Comments and Replies in the new TaxQuips Forum .

Leave a Reply