Owning a home comes with some nice benefits. When your doing your taxes keep on eye out on the easter eggs listed below. Though these benefits are great, make sure you do your research for the details and specifications at www.irs.gov.
Capital Gains Exclusion
If you decide to sell your home, the profit you make could be all yours and tax free.
$500k Married; $250k Single
Ex. You bought your home w/ your spouse for $500k, sold the home for $800k making $300k in profit. Well with the Capital Gain exclusion the $300k is all yours without good ole Uncle Sam having to take his piece as well.
Mortgage Interest
Taxes on your mortgage is deductible as well for the following year
Home Office Deduction
If your using a space in your home for business purposes, it could qualify for a tax credit as well.
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