When a consumer considers purchasing or selling a home, they should consider the fact that there are many tax benefits that could potentially make owning a home quite profitable. By far, the buying of a home can be one of a consumers biggest investments.
Due to various tax benefits put in place by the government to encourage consumers to purchase homes, buying a home could be a very wise decision. Ultimately, the consumer taking advantage of these tax benefits could save a great deal of money either at the time of purchase or the time of sell.
Because of the various restrictions and conditions regarding these tax benefits, it is important to consult with one’s financial advisors or accountants to fully understand the benefits and opportunities of tax benefits to those who own homes. Use this calculator to determine your potential tax savings with a mortgage.