Buying a Home is at the heart of the American Dream. It can bring happiness and provide a solid foundation for you and your family. It has also proven to be a wise investment in recent years. It has many benefits, but the following three in particular
Tax Breaks
When compared to other investments, few can generate the healthy and long lasting tax breaks that home ownership does. When you become a homeowner, there may be tax breaks that you can take advantage of that renters and non-homeowners cannot, the mortgage interest deduction being just one of them. In addition, the deduction of your real estate tax on your federal income tax return is a common practice. Some homeowners choose to use their homes equity to obtain Home Equity Lines of Credit (HELOC) or home equity loans. Interest on these loans may also be tax deductible. With investment real estate, additional tax advantages include the deduction of depreciation and other expenses. With proper planning you may receive tax advantages that last a lifetime. As always, consult with your own tax advisor as to the specific benefits of home ownership that apply to you.
Equity
A home is an...
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