Why do we buy houses in America? Of course it is the American dream and it is a way to invest your money and force savings so that you can make money down the road. However, one of the biggest benefits to buying a home (often times to a buyer's surprise) is the reduction to your tax liability. Because you own your own home, Uncle Sam is going to reward you by reducing the amount of taxes that you owe each month. Have you heard people say, “If you're renting you're throwing your money away?” This tax savings is what they are talking about. What this means is that if you buy a $150,000 home you will have the ability to reduce your tax liability by about $216. That's money in your pocket right now. Follow the link below to see how much you can save if you buy a home. |
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