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Rohnert Park Real Estate | Renting vs. Owning
Rohnert Park Real Estate Renting vs. Owning
Owning a home is the American Dream, but renters are often apprehensive about taking on the financial responsibility of home ownership. Along with the pride, security and sense of community that comes from owning a home, real estate professionals remind taxpayers that owning a home rather than renting also offers financial benefits. ► Deductible Property Taxes and Interest: Most homeowners can deduct property taxes and interest paid on their mortgage every year of ownership. In fact, the tax code allows homeowners to write off interest on first and second mortgages -- including equity lines and loans -- up to $1.1 million worth of the overall mortgage debt. That is expected to amount to $72.6 billion in tax deductions this year alone. ► Borrowing Against Equity: Homeowners can borrow against the equity they have built up in their homes. Equity from a home can be used to improve property, buy a car or pay for education. Homeowners may also have the ability to deduct the interest from their federal taxes. Renters never have this opportunity. ► Real Estate Tax Exemption: Depending on the state, certain real estate tax exemptions apply for homeowners who meet specific criteria. Homeowners ... more

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