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2014-01-07 09:17:23
Tax Tips: Should you Rent or Buy Your Home?

Tax Tips: Should You Rent
or Buy Your Home?

If you are contemplating renting or buying, keep in mind that Uncle Sam rewards you handsomely in tax benefits for being a homeowner.


Mortgage interest: Your mortgage interest on your home is 100% tax deductible.


Private Mortgage Insurance (PMI): If your lender requires you to have private mortgage insurance, the PMI premiums are also deductible for mortgages obtained between 2007 and 2010.  


Property taxes: All the property taxes you pay are fully deductible from your annual income.


Home office: If an area of your home is utilized specifically for a business, then you can deduct a portion of your expenses, such as depreciation, repair, and insurance costs.


Capital gains: Unlike other investment instruments, selling your primary residence at a profit shields you from capital gains tax. For gains up to $500,000 on your primary residence of the last two years, you are excluded from capital gains tax.  


Home improvements: If you obtain a loan to finance home improvements, you can fully deduct the interest on that loan. Keep in mind that this deduction only applies for improvements that are a “capital improvement,” not just repairs.


The benefits of buying a home significantly outweigh renting, not the least of which is building equity in your name.


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