Ben­e­fit of own­er­ship

The Palm Beach Post - Residences - - Residences Treasure Coast / North -

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 Cre­

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