2,784,706
Lets hear it from CPA's as this is their subject matter
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Michael Jacobs
Pasadena, CA
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Tony and Suzanne Marri...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
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Richie Alan Naggar
Riverside, CA
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Kartik Subramaniam
Rancho Cucamonga, CA
902,038
Have you ever heard of the concept of research? on your own, that is?
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
2,224,473
Seek the advice of a tax professional.
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
5,583,328
those are questions for an accountant....
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
3,071,489
Richie Alan Naggar nailed this one!
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Nina Hollander, Broker
Charlotte, NC
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Richie Alan Naggar
Riverside, CA
4,319,773
abby tiscareno - let the accountant take care of this...
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Nina Hollander, Broker
Charlotte, NC
3,741,912
You need to have a sit down with your favorite tax expert. This question is way above most Realtor's pay grades, unless they were CPAs in a past life.
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Nina Hollander, Broker
Charlotte, NC
5,060,554
There can be anumber of tax benefits. A CPA can provide a good overview that can depend on the individual tax/financial situation.
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Nina Hollander, Broker
Charlotte, NC
6,418,182
Sounds like 4 big questions that exceed the size of this box.
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Nina Hollander, Broker
Charlotte, NC
2,684,569
509,449
That's something you should discuss with your CPA, not your realtor.
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Nina Hollander, Broker
Charlotte, NC
1,231,853
1,466,257
abby tiscareno Home ownership: Taxes and mortgage interest. Second home: None other than enjoyment. Investment property: Expense deductions
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Kartik Subramaniam
Rancho Cucamonga, CA
27,065
When you buy a home you get to deduct two of the biggest owning-a-home expenses from your federal income tax. They are your property taxes and the interest o n your mortgage.
1,157,791
I have previously provided responses to others in this forum who have asked the same question.
5,772,587
Abby,
We all have different tax needs, so talk to Your CPA, he/she know best. A
1,624,853
Tax shelter for your own home and tax deductions on an investment property. Your CPA would be able to spell it all in details.
4,800,132
1,617,916
4,582,334
I would consult a qualified tax professional to discuss the different scenarios you have presented.
4,434,177
5,239,966
7,864,036
Check the previous answers.
Go the the IRS website for all the details you may need.
4,901,858
5,112,886
1,092,947
921,504
The benefits depend on the situation or position of the individual.
Their tax adviser will have directed them regarding the instruments of ownership best suited for them.
It is possible the individual is a "Hillary Type' and will choose to pay their fair share in taxes and pay the maximum possible. Or they my be the Trump type and pay 100% of what is REQUIRED using existing tax code.
The benefits are so broad and comprehensive there is an entire industry based on advising those willing to pay for qualified advise.
A Q & A on Active Rain will not provide quailed advise.
1,574,666
The write offs if you have enough to overcome the standard deduction amount... the benefit of home ownership is more than a tax return. BTW I am not a CPA or tax expert.
3,988,013
If you own your primary resident and itemize your deductions, the interest and property taxes paid in the yar become a deductible expense. Second homes also qualify. Investment property is more complex and expenses are also used and depreciation.
108,016
2,191,808