500,000 reasons why owning is better than renting
This is a reblog, and I always disable comments on reblogs. If you would like to leave a comment, click on the link below and leave your comment with Nevin who did all the work on this post and deserves your support with your comments.
There are only a few vehicles to grow your money tax free. Most people think it is the Roth IRA. You pay taxes before you make your contribution and are allowed to withdraw the balance at age 59 1/2 or older without any income taxes due. What if I told you there was a better way?
Real estate - Many people only think about the annual tax deduction they get on their mortgage and forget that a married couple filing jointly can walk away with a cool $500,000 tax free on the gain of their home. Single people can walk with up to 250,000 tax free. The often overlooked tax free investment.
Example: Home purchased in 1975 for $35,000 Home sold in 2010 for $535,000. The married couple get to keep the entire $500,000 gain tax free. In addition their interest payments reduce their taxable basis annually netting them a larger savings over time. This is how the rich get richer- tax loop holes.
Talk about a tax advantaged vehicle!
Take the blinders off when it comes to comparing monthly rent to monthly mortgage because they do not compare.
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