Advantages
of Buying a Home
Tax Breaks
Buying a new home is one of the smartest purchases
you can ever make. One of the reasons is that homeownership has
many positive tax implications. Because of changes to the tax code
passed in 1997, these tax implications are much more favorable for
most home owners today than in the past.
- Mortgage interest is tax deductible.
- Real estate taxes are tax deductible.
- Local tax benefits are available in many areas.
- You can enjoy tax-free profits of up to $500,000 from the sale
of a primary residence that you have occupied for two of the last
five years if you are married and filing jointly. If you are single
or married and filing separately, you can enjoy tax-free profits
up to $250,000. Moreover, you can use the exclusion as often as
you meet the qualifications.
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Tydings
Real Estate
