Homeowners Receive Several Tax Benefits

There’s nothing more exciting for a homeowner than stepping foot into a new home, regardless of whether it’s new or used. But although becoming a homeowner is a great morale booster, a recently published article on InsuranceAgents.com reveals that there are more economically beneficial reasons to owning a home.

“Buying a home is the biggest investment you could ever make and, thanks to the government, it could also be the wisest thanks to the multiple tax benefits that coincide with home ownership,” the article, Tax Benefits and Homeowners Insurance Quotes: A Match Made in Heaven, describes. The article continues, “However, be sure to consult with your home insurance agent or accountant about your particular situation.”

So what are these economically beneficial reasons? On top of a homeowner’s mortgage being tax-deductible, he/she also doesn’t have to pay any taxes on any profit they make when they sell a house. There are also many moving benefits that coincide with owning a home.

“Whoever said the government can’t be trusted?” the article asks. “If you’re a homeowner, the government will allow you to sidestep many of your moving expenses when you purchase a new home if it’s closer to your job than your old home (at least 50 miles). In order to qualify, however, you must work full-time in the area of your job.”

Homeowners on the verge of purchasing a home should consider the number of tax incentives that would make their purchase a great investment. Since tax rules vary based on many factors, however, they should consult with their home insurance agent or accountant about their particular situation and how they can obtain the lowest home owners insurance quotes around.

Staff contribution: Rafael Onak

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