Benefits of Home Ownership

If you're living in the United States, homeownership comes with some nice tax benefits that can put more money in your pocket. Let's break it down in simple terms.

First off, there's the mortgage interest deduction. This means you can deduct the interest you pay on your mortgage from your taxable income, reducing the amount of tax you owe. Then there's the property tax deduction. You can deduct the amount you pay in property taxes from your taxable income as well. Another benefit is the capital gains exclusion. If you sell your primary residence and make a profit, you may be able to exclude a portion of that profit from being taxed.

These tax advantages make homeownership a smart financial move.

*disclaimer: not a tax professional and this is not tax advice.