Posts from March 2nd, 2016
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5 Tax Breaks That Homeowners Get & Renters Don't
5 Tax Breaks That Homeowners Get & Renters Don't
There are a ton of benefits of owning a home: stability, equity and the ability toleverage your home for other goals and investments. Another huge benefit of homeownership is the tax benefits - including both credits and deductions.
If you're looking for one more reason to make 2016 the year you transition from tenant to owner, here are a fast five that you can choose from...
Tax Break #1: Mortgage Interest Deductions
Unfortunately, rent paid is rarely tax deductible. Mortgage interest on the other hand, is ALWAYS deductible. According to a recent article by Dona DeZube, at the end of every year, the average homeowner has paid $9,540 in interest on their mortgage.
Add to that the fact that in the first few years, nearly...