What are the tax benefits of homeownership?
An example of an AI chatbot conversation about tax benefits related to owning a home.
What are the tax benefits of homeownership?
Homeownership offers several tax benefits, including mortgage interest deductions, property tax deductions, and capital gains exclusions.
Can you explain how the mortgage interest deduction works?
Sure! The mortgage interest deduction allows you to deduct the interest paid on your mortgage from your taxable income, which can lower your tax bill.
Are there limits to how much I can deduct?
Yes, there are limits. For mortgages taken out after December 15, 2017, you can deduct interest on loans up to $750,000.
What about property taxes?
You can also deduct property taxes you pay on your home, but the total deduction for state and local taxes, including property taxes, is capped at $10,000.
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