If you’re a first time buyer you’ve probably heard that buying a home offers an important advantage. If you’ve never owned a home, you may not understand what that means.
Actually, that tax advantage is so favorable it’s the reason many people decide to buy a home rather than rent. Although many people enjoy the pride and sense of accomplishment that come with owning a home, it’s the tax advantages that really prompt many renters to make the plunge and buy a home.
There are many tax advantages to owning a home. One of which is the money you spend on home mortgage interest and on real estate taxes can be deductible from your taxable income, if you itemize deductions. The savings come in income taxes that you don’t have to pay.
