Owning a home may not be for everyone, but the U.S. tax structure certainly provides many incentives to help achieve this goal. From credits to deductions, there are many savings, and questions, when it comes to homeownership.
Owning a home may not be the American Dream for everyone, but the U.S. tax structure certainly provides many incentives to help individuals and couples achieve this goal. From credits to deductions, there are many savings, and questions, when it comes to homeownership. Here are 10 suggestions CPAs have for homeowners:
There is one more thing to consider: how a home can play into your estate plan. Whether you want to use your home to help support your heirs or your favorite charity, there are tax considerations for that too. Learn the real benefit that comes from real estate gifts.
Common homeowner deductions and credits in two minutes. |
Do you still have questions about your home and taxes? Take a look at other Ask a CPA questions and answers. If you’re wondering if it’s time to talk to a CPA, here’s some tips to help you decide if it’s time to give up the DIY tax return. For specific advice and guidance, talk to a CPA who can explain the intricacies of the tax laws and develop your personal tax strategy. PICPA’s CPA Locator is a handy tool to help you find a CPA who can tame your taxes.
Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.