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Thursday, April 20, 2017

Owning a Home Could Help

Tax Return Depressing? Owning a Home Could Help... There are many reasons to buy a home and while one of them could be for tax purposes, there are lots more that may fit your needs and goals. Some of the possibilities have been reviewed in this blog. The tax benefits are "frosting on the cake" that could be considered an extra incentive and the key to affordability that helps rationalize the decision to purchase. The deductions for interest and property tax can mean huge savings on your tax bill that provides more money to make mortgage payments, money to save for the future or even some special purpose goals of your own. I was in my very early 20's when I bought the first home. It was nothing fancy - actually, my father was not happy with me at all. But 13 years later I sold it for more than twice what I paid for it (with some upgrades of course). The bottom line is you need to live somewhere - why not live in your own home and shelter yourself from some of the tax you would otherwise pay. It works - it really works! Read more in today's article - it is a "savings plan" seriously worth your time