Using data collected from the Internal Revenue Service (IRS), we calculated that a homeowner owning a home, who took the average for each of four tax benefits would claim $15,871 in home-related deductions. Those factors are as follows:
Homeowners are given access to several tax benefits that renters don’t even know Buy and Hold investments can offer a lot more than monthly rent checks. Critical tax deductions can make huge contributions to your bottom line ever year.
, do homeowners really save that much more on their taxes than renters? .
Interest paid on the mortgage
Points paid on the mortgage
The total cost of all property taxes
The total cost of insuring the mortgage
Transitioning from a renter to a owning a home comes with significant tax benefits. See how much you can save when you buy a home READ MORE