Tax Advantages of Home Owning

Your home can be a great tax benefit for you.  Some of the things you’ll want to research to see if you qualify:

Interest on payments
Ask your tax professional if you qualify for this tax break on things like 2nd mortgages, home equity loans, etc.

Interest on the purchase
Closings that occur after the first day of the month require interest payments.  That interest is usually deductible.

When you sell…
Don’t forget that if you earn less than $500K ($250K if you’re single) on your home, you aren’t requires to pay federal taxes on the gain.

Of course, if you have a home business you can deduct a percentage of your utilities, housing expenses, etc. as well.

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