Tax Benefits to Buying a New Home!!
08-01-2006 Congratulations, you are Thinking of buying a New Home. Along with all the excitement of kitchen designs and color selections, you now can have the best tax break around. It's almost always better to own a home then to rent, after all you build equity and get to write off your mortgage interest including points, and property taxes. Since most of what you pay for your mortgage in the first few years is interest, on a $1,200 / month mortgage payment you get to deduct about $1080 / month/ That reduces your taxable income by about $13,00 / year. If you are in the 25% tax bracket, that deduction is worth about $240 / month.
The other major deduction in connection with your home is property taxes, including county and school. You can deduct your full yearly taxes as long as you own your home.
Cons for Renting:
No Tax deductions
Annual rent increase could outpace inflation.
Pros for Buying:
Tax-Break: deduct mortgage interest and property taxes
Potential tax-free capital gains
Homeowners find that their tax deductions vary year to year. It is important to consult your tax professional for your personal tax benefits to new home owners.
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