Tax Advantages of Home Ownership

Tax advantages of owning a home

Getting a tax break for home ownership is an important aspect. Tax laws are constantly changing and you should consult with your tax adviser to make sure you are getting all of the possible tax benefits. Incidentally, a tax consultation fee is also deductible!

Tax savings begin with allowable deductions:

Settlement charges
Pre-paid interest or prorated loan payments
City, town and/or county real estate taxes
Many moving expenses are tax deductible if they meet the requirements associated with certain moves
Interest paid on your loan
A portion of home expenses if you have a qualifying home office
Many health related additions to your home required by your doctor, providing the addition does not add to the value of your home
Casualty losses that are not reimbursed by insurance subject to income limits.

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