There are many reasons that people want a home of their own. Some reasons are a place to raise your family, a house to open to friends and a place to feel secure and safe. Investments rank high on most peoples priorities based on the fact that a homeowners net worth is more than forty times more than that of renters as well as the tax benefits that reduce tax liability. Owner occupants who have owned and used a house for at least two out of the last five years, can exclude a maximum of $250,000 of gain as a single taxpayer and up to $500,000 of gain for married taxpayers filing jointly. If the gain on a principal residence exceeds the allowed exclusion, the balance is taxed at a lower long-term capital gains rate rather than the marginal tax rate of the homeowner. Homeowners are allowed to deduct the interest paid on up to $1,000,000 of acquisition debt used to buy, build or improve their first or second home. They can also deduct the interest on up to $100,000 over acquisition deb
Posted on: Sat, 03 Jan 2015 01:03:47 +0000
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