Owning a Home

Today TaxMama® hears from 4775wsk in the TaxQuips Forum, with a quick question. “What are the tax breaks of home ownership?
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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.
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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.

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