Home Buyer Tax Benefits

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Home Buyer Tax Benefits – Calculator.me – The tax benefits of owning your own home can be numerous and will largely rest on the determining factors of home cost, principal and interest payments on a mortgage, income bracket of the owner(s), filing status, state and local tax rates, appraised home value, house related expenses, pre-existing real estate taxes and insurance.

Another major benefit of owning a home is that the tax law allows you to shelter a large amount of profit from tax if certain conditions are met. If you are single and you owned and lived in the house for at least two of the five years before the sale, then up to $250,000 of profit is tax-free.