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Follow on Google News | Benefits of Owning Your First HomeBy: PSL Realty Below is a summary of the primary benefits of owning your first home: 1. Financial investment First and foremost, your monthly mortgage payments create equity for you. Further, assuming that you put 10% down on your home, and the house appraises 5% over time, then you have a 50% return on your investment (investment = down payment amount). 2. The interest on your mortgage is tax deductible In most cases, all mortgage interest can be deducted from federal taxes, provided that you meet certain criteria: Itemize deductions on IRS Form 1040 The mortgage is a secured debt on a qualified home in which you have ownership interest. (For more information, please visit www.irs.gov/ While a tax deduction is not a reason to buy a home in and of itself, it is certainly nice to get one. J 3. Fixed monthly payments While your interest amount paid is going to be higher the first few years of your mortgage because your amount financed is higher, the total payment amount won’t change as long as you have a fixed rate on your loan. 4. Tax free gain This is probably one of the best, if not the best, tax breaks available if you are a homeowner. When you sell your primary residence, the first $250,000 in profit (selling price over the price paid for your home) is tax free, and, if you are married, the first $500,000 in profit is tax free (with some restrictions) Questions or comments? Please feel free to reach out to me at any time at 424.333.0557 or plissia@pslrealty.com. Visit us @ http://www.pslrealty.com Paolo Lissia End
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