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<span id="docs-internal-guid-863c8882-76b1-c3d2-3fa0-7adc94b8b611"><span style="font-family: "arial"; vertical-align: baseline; white-space: pre-wrap;"><i>Owning a home comes with some major advantages when it comes to your taxes.</i></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: normal;"><b>Want to <a href="http://www.scottsachs.com/form-cma.php" target="_blank"><i>sell</i></a> your home? Get a FREE home value report.</b>
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</span></span><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: normal;"><b>Want to <a href="http://www.scottsachs.com/idx-search.php" target="_blank"><i>buy</i></a> a home? Search all homes for sale.</b></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Owning a home comes with many benefits, especially when it comes to your taxes. It’s especially true for anyone thinking about buying their first home. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Let me start by saying that I’m not a tax professional, but I’ve sold my fair share of homes, and I’m pretty proficient in this area.</span></div>
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The biggest tax advantage of homeownership is tax and interest deductions.
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<span style="font-family: "arial" , "helvetica" , sans-serif;">For starters, when you sell your principal residence, you can claim up to $250,000 tax-free as a single person. Married couples can claim up to $500,000 tax-free. This is a huge bonus that allows you to take advantage of appreciation over time. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>However, the biggest advantage is mortgage interest and real estate tax deductions.</b> Say you owned a $600,000 property that you put down 20% on with a 4.25% interest rate. You’d pay $20,244 in interest the first year, which you can write off against your income. If you’re in the 33% tax bracket, the actual savings amounts to $6,680, or $556 a month. That’s an advantage you don’t get as a renter.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">If you’re an investor interested in taking advantage of the 1031 exchange before it’s gone, I’d love to sit down and speak with you about the potential tax benefits you could utilize. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">If you have any other questions about the tax benefits of owning a home or you’re thinking about buying your first home here in the D.C. area, give me call or send me an email. I’m here to help.</span></div>
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