Colorado Springs Vintage Homes Blog
719.287.1049
Tax Benefits of home ownership
Does our tax code have benefits for homeowners?
Lets look at renting vs. owning your own home.
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.
The amount of money a renter spends on rent can be about the same as the amount a homeowner spends on 
a mortgage. With the tax benefit for home owners, the savings for homeowners can be significant. Though, if something breaks or becomes faulty it will be the homeowners responsibility to repair or replace as they no longer have a landlord.
(1) One of the best known benefits of owning your home is the mortgage interest deduction. Homeowners are allowed to deduct the interest paid on their primary residence. If you have a home that you live in most of the year and also have a vacation home you can deduct the interest paid up to one million dollars. You can also deduct interest on home equity loans up to $100,000.
(2) If you’re a first time buyer, you can also qualify for the new $7500 Homebuyer tax credit. A first time buyer means you haven’t purchased a home in the past three years or have not lived in a home you’re paying a mortgage on. Unless Congress Read the rest of this entry »
