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Homeownership Tax Myths

Are you interested in buying a home? Are you aware of all of the tax benefits of owning a home? Changes in various tax laws have adjusted some of the rules for buying and selling property as well as what deductions you can take on your income taxes.

Bankrate.com, the big internet personal finance site, is currently running an article titled: 5 Homeownership Tax Myths. The article covers topics such as writing off the loss of your home, selling your current home and buying a new one to avoid taxes, putting your home in your adult child’s name, and more.

Without giving away the entire article, you may be surprised as I was to learn that there are several myths which you may have thought were true. Some of these “myths” were at one time true, but are not today. A good read for every person considering buying a home.

Tags: home ownership, IRS, property taxes, Taxes