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What Could You Stand to Gain by Owning Real Estate? Pt. 6
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In today’s final installment on the benefits of owning real estate,
I’ll discuss the tax benefits associated with homeownership
I’ll discuss the tax benefits associated with homeownership
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Today’s discussion is the final installment in our six-part series about the advantages of owning real estate. If you’d like to brush up on our previous videos, visit our blog to watch parts one through five.
On top of all the other benefits discussed, owning real estate affords you a range of tax-related benefits. Many people are concerned with how the new laws regarding tax benefits on the interest paid on one’s house will affect their investments, but those legal changes shouldn’t affect you in Reno.
The interest you pay is deductible on your taxes—for more thorough detail on how that works, consult your CPA. You'll receive a statement from your lender, after which, all you have to do is use that statement to write off your interest on your tax return.
Further still, everyone needs to live somewhere. As long as you’re making monthly payments to live somewhere, why not pay your own mortgage down, rather than a landlord’s?
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Ideally, you’ll live in a house for at least five to seven years, during which time you can pay a good portion of your loan down—or more, if you pay extra each month. If you look at your 30-year amortization schedule, you’ll be amazed at how much money you save in interest payments by making an extra payment every year during the life of your loan. Also during that time, your home will appreciate in value, leaving you with a big chunk of money. On top of all the other benefits discussed, owning real estate affords you a range of tax-related benefits.
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There are more benefits to being a homeowner, and if you’d like more specifics or have any questions, reach out to us. We’d be happy to sit down and talk about how you can benefit from owning real estate. We hope to speak with you soon.
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