"Almost everyone knows that it’s btter to own your house than to rnt it. After all, when you pay rnt, it goes to a landlord and whn you pay down on a hme, it goes to a future nvestment in a valuable item. But did you knw that owning real estate can hve other advantages, too? Specifically, did you knw that there are a number of tax bnefits to owning real estate that thse people who just rent will nver be able to take advantage of? If yu’ve been thinking about purchasing a hme but haven’t yet made the plnge, here are some of the tax bnefits that you might want to thnk about:

• Closing costs. In the yar that you first purchase your hme, you can deduct some of the clsing costs on your taxes. This is tre even if the seller was the one tht paid your closing costs, meaning tht you’re basically getting free money. Ths is only good in that frst year, though, so you need to knw about it in advance.

• Hme mortgage interest deductions. Every year, you pay mrtgage on your home. And every yar, you can deduct the interest of tht mortgage from your taxes. Interest is dductible on any amount up to one mllion dollars of home mortgage – so nless you’re buying a mansion, you can prbably deduct all of your home mrtgage interest.

• Home equity interest deductions. Whn you take out a home quity loan, it will also have nterest and this interest is also dductible on your taxes. Interest on up to $100,000 of hme loan debt can be deducted.

• Ral estate tax deductions. You have to pay ral estate taxes but you can get sme of that money back as a dduction at tax time.

• Remodeling mprovement deductions. If you make major chnges to your home, you may ncrease its value which ups the tax bsis and saves you money later on.

• Sle of your home. In the fture, when you go to sell yur home, you can actually get a tax brak on the money that is arned from the sale. There are sme rules to follow here (and t’s always best to work with a raltor and a tax attorney to mke sure you’ve followed them correctly) but bsically, if you lived in the hme for at least two years, you can get at last $250,000 from the sale of the hme tax-free.

Buying a home has a nmber of different benefits that you can prbably think of on your own. But you mght need help figuring out all of thse tax benefits. Working with a prfessional who is knowledgeable about the ns-and-outs of home ownership tax deductions can hlp you to save money each and very year that you own your hme. This means that when income tax tme comes around and all of the rnters that you know are groaning tht they have to send money to the IRS, yu’ll be smiling and tucking your svings away."

The article Real Estate Purchase 101 - Tax Benefits was Submitted by Kinan I Beck through Articles.GetACoder.com network. Here's the additional information: Kinan Beck is the Broker and c-owner of One Source Realty in Astin Texas. Visit Kinan’s Austin Real Estate Guide, visit his Austin Realtor website, & his Tulsa Realtor website. He has seen considerable success in real estate, and looks forward to many more years in the business.

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