Home ownership and taxes, what should one know before buying?

Asked by Trulia Philadelphia, Philadelphia, PA Tue Feb 5, 2013

With tax deductions, is home ownership only positive as far as income taxes are concerned?

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6
Sunny Payne, Agent, Philadelphia, PA
Tue Feb 5, 2013
BEST ANSWER
At present the mortgage interest is deductable, if you have enough expense to itemize your Federal 1040 Tax Return. Owning a home, at the very least, is an investment. If you sell a home for exactly what you paid, plus the cost of any additional improvements, you will have lived FREE for however long you live in it. If you are able to sell it for more that that amount, you will have made a profit on your investment.

There are many other benefits that accrue when you own a home: a sense of accomplishment, a sense of being a part of the community, a sense of security, etc. you fill in the blanks.
0 votes
Sheri Curci, Agent, Newtown, PA
Wed Feb 6, 2013
Yes.......

What percentage of your Taxes actually go to support the Schools?

All the Best John Curci RE/MAX Properties 215-757-2889
0 votes
Tyler Morris…, Agent, Philadelphia, PA
Wed Feb 6, 2013
I could not agree with Philip more. Consult a CPA, a good one at that. If you'd like a recommendation, I'd be more than happy to give one.

Sincerely,
Tyler J. Morrison
215.710.0710
tmorrison@tylerjmorrison.com
Web Reference:  http://Philly-Sales.com
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Wed Feb 6, 2013
As a Real Estate proffessional I recomend that you speak with a tax consultant I prefer a CPA. Please call me with any questions. 215-725-5700 X49
Web Reference:  http://GreatPaRE.com
0 votes
Edd Obes, , Philadelphia, PA
Tue Feb 5, 2013
They are both essentially and equally of importance in the buying process. Understanding home ownership is the primary knowledge one could get from credit counseling. I can see owner occupants benefit more with tax deductions than investors because investors are taxed on revenue from rental or capital gains from selling as far as income taxes.
0 votes
Niall McCall, Agent, King Of Prussia, PA
Tue Feb 5, 2013
First and foremost, speak with a local lender to find out what you can and cannot do.

Niall
Atlantic & Pacific Real Estate (US), LLC
215-588-0329
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