6 Key Tax Benefits To Owning a Home!

Here are 6 key tax benefits to owning a home:

1.  A deduction of up to $750,000 worth of mortgage interest.

2.  A SALT (state and local real estate taxes) deduction up to $10,000.00.

3.  Tax-free rental income of 2 weeks if you rent your home out for 2 weeks per year.

4. A $250,000 tax-free capital gain deduction for single filers and $500,000 for married couples filing jointly upon selling.

5.  If you buy your home for $500,000, and it is worth $1 million when you die, your heirs’ cost basis re-sets at $1 million and you bypass the capital gains on the initial value gain.

6.  The current tax law allows you to take a tax deduction of $5 per square foot, for up to 300 square feet of office space. You can get a maximum deduction of $1,500.

If you want to learn more about the tax benefits of owning a home, then contact the #PropertyNerds today!

homes@boyenga.com | BoyengaTeam.com | 408.373.1660