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There was a time when home ownership had great tax advantages; how does home ownership compare 15 years ago as compared to today?© BrainMass Inc. brainmass.com October 2, 2020, 5:26 am ad1c9bdddf
From an income tax standpoint, there are still advantages of home ownership and home ownership is preferable due to income taxes, as opposed to non-ownership.
All mortgage interest that the taxpayer pays throughout the year is used on the individual's Schedule A of their 1040. Private Mortgage Insurance (PMI), which is required by certain banks, is also fully deductible. The total amount of real estate taxes ...
This solution explains the home advantages and/or disadvantages of home ownership from an income tax perspective. The posting goes into the advantages of home ownership and discusses why home ownership is preferable due to income taxes. Mortgage interest, private mortgage insurance, employee business expenses, and other limits are also explained. Home mortgage interest deduction is also included in the explanation.The solution is provided in 273 words.