What are the tax benefits of investing in real estate?
An example of an AI chatbot conversation about real estate tax benefits.
What are the tax benefits of investing in real estate?
Investing in real estate can provide several tax benefits, such as mortgage interest deductions, property tax deductions, and depreciation.
Can you explain how depreciation works in real estate?
Depreciation allows you to deduct the cost of the property over its useful life, reducing your taxable income.
Are there any tax benefits for first-time homebuyers?
Yes, first-time homebuyers may qualify for tax credits, deductions on mortgage interest, and even state-specific benefits.
What about capital gains tax when selling a property?
If you sell a property for a profit, you may be subject to capital gains tax, but there are exemptions for primary residences.
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