Home ownership is the single biggest tax deduction you can have.
Owning a home is equivalent to having four or five children, without the braces, school clothes and college expenses!
You’re fully aware that for tax purposes your rent payments do you no good whatsoever.
They simply go to help offset your landlord’s mortgage payment; and because you are not able to take advantage of the mortgage interest and property tax deductions, you are in reality paying a lot more for rent than you may realize.
The chart below lists only the straight-line amount of rent you’ll pay over a given period of time, not taking into account all of the tax benefits you’re losing.
The simple fact is, that we all have to live somewhere, and for most of us, rent hasn’t been free since we left our parent’s homes.
Even if you’re in the military – and “Uncle Sam” has seen fit to “give” you a place to live – you’re still missing out on the reduced taxes you’ll pay by being a homeowner, plus all of the potential appreciation on your home investment; and just like any installment loan, eventually it will be completely paid off!
Each month the money is going to be spent. Do you want it to simply vanish with no lasting or future benefit to you or do you want your housing expense to start working for you … and your financial future?
Owning a home should be in everyone’s future plans, and you will find that most – if not all – successful real estate investors first, and foremost, started with the property they call “home”.
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