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What Tax Benefits Do Homeowners Qualify for?
Manage episode 153352982 series 1087857
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Our next two videos will explain the tax benefits of owning real estate. In the next video, we’ll discuss the benefits of owning real estate as an investment. Today, we'll cover how home ownership can save you money on your taxes.
Homeowners are able to receive a number of tax benefits. When you go to sell your home, you can take up to $250,000 in tax re-profit as an individual. As a married couple, you can have up to $500,000 of tax re-profit when you sell.
What does that mean for you? Let’s say you own a home as an individual. You bought the property for $300,000, but now it’s worth $550,000. When you sell the property, you have $250,000 in profit, and you’re able to keep that profit tax free. The only requirement is you have to have lived in the property for 2 of the past 5 years. If not, you might be able to get a partial reduction.
Owning a home also gets you certain tax write offs. For instance, you can write off interest on your loan, as well as the money you pay every year in property taxes. Plus, if you take out a home improvement loan, the money you pay in interest is tax deductible.
There are a number of tax benefits to owning real estate. If you have any questions, just give us a call or send us an email. We would be happy to help you!
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