Do you find yourself groaning every time you file your tax returns? Do you cluck with anxiety and regret each time you calculate how much of your paycheck actually goes to the tax guys? If your answer is yes to both questions, buy a house! Home loan lending makes owning a house easy. Additionally, it provides you with huge tax advantages.
Home Loan Lending Lets You Save on Interest
When you file your income statement, the interest you pay to purchase your principal residence is deductible. In fact, you can even purchase additional land through home loan lending and claim the residence interest as a deduction. The only condition is that this land be adjacent to your home. Furthermore, you can declare as a tax deduction the interest on as much as $100,000 of your home-equity debt. The good thing about this is that even though you use the borrowed money to go on vacation or a shopping spree, the Internal Revenue Service, or IRS, won’t care. as long as your house has the equity and this equity secures your debt.
Home Loan Lending Helps You Save on Taxes
Taxes give everyone headaches, especially when it’s time to pay or compute them. Home loan...