What are the major tax benefits of homeownership?
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In terms of federal taxes, you will generally be able to:
___Write off interest costs on acquisition financing with a principal balance of up to $1 million.
__Write off interest costs on a second mortgage or home equity loan with a principal balance of up to $100,000.
___Write off property taxes on your personal residence.
___Write off up to $500,000 (if married, $250,000) in profits when you sell a prime residence that you have occupied for two of the past five years.
___If you have not previously owned property, it is likely that you will switch from a standard deduction to an itemized deduction when you become a homeowner. It is probable that this switch will allow you to take some write-offs that are not now available with the standard deduction.
While the items above are general benefits, the actual rules can be complex. For details, please see a tax professional for details.
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