TAX BENEFITS OF HOMEOWNERSHIP

February 2, 2010

 

 

When homeowners recently filed their income tax returns, they

got good news when they saw how much their home saved them in taxes.

The first place they saved was on their mortgage interest which they

can deduct from their total taxes due. Plus, most state and local taxes paid

on homes are also deductible.

If the home was sold

during the last year, the

capital gain exclusion can

again provide homeowners

with a tax benefit

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