What Are The Tax Advantages Of Home Ownership?

 

 

Video Summary

 

What are the tax advantages of home ownership? Well, the one that comes to mind is that you're able to deduct the interest on your mortgage on your insurance ... On your income tax, excuse me. That is phased out as the more income you make, then the less of a deduction you can take. That's probably the tax advantage that comes to mind.

 

The other one is, that I deal with regularly, is when you get ready to sell your home, if you've lived in your home two out of the past five years, when you can sell it, that when you sell it, you can exempt up to $250,000 of gain, so you don't have to pay tax on it. A married couple can exempt up to $500,000 of gain, and so that's a huge tax benefit when it comes to selling your home. That's, I guess, not necessarily home ownership, but that's ... Whenever you get ready to exit your property and you get to exempt that kind of gain.

 

Those are primarily the reasons or the ones that I can think of as far as any tax advantages. If you have any questions about that, well, I don't necessarily give you tax advice, those are just what come to mind. You'd probably need to talk to your accountant about it but my phone number is 727-847-2288.