Benefit of ownership
Q: Are there still tax benefits from owning a home?
A: Definitely. Here’s a timely quote from Ron Phipps, president of the National Association of Realtors: “Owning a home offers financial advantages that are most apparent at tax time.”
A number of tax deductions and credits are still available for homeowners; these include deductions — with specific limits — for mortgage interest and capital gains on home sales as well as credits for certain energy-efficient home improvements. Even with these benefits, homeowners pay 80 percent to 90 percent of all U.S. federal income taxes, it was noted by Real Trends.
— courtesy of Creators.com