Government Gives Tax Benefits to Homeowners

New InsuranceAgents.com article discusses the range of tax benefits available to homeowners, provided by the government. End Quote

Here are just a few financial benefits a homeowner can look forward to

Chicago, IL (1888PressRelease) October 10, 2009 - The pride that comes with owning a person’s own home is a giddy thing. The new homeowner now has added one of the most important pieces of property to their assets. But there’s more to owning a home than just pride: there are many economically beneficial reasons to owning a home, according to InsuranceAgents.com.

“Buying a home is the biggest investment you could ever make and, thanks to the government, it could also be the wisest thanks to the multiple tax benefits that coincide with home ownership,” the InsuranceAgents.com article, ‘Tax Benefits and Homeowners Insurance Quotes: A Match Made in Heaven,’ states. “However, be sure to consult with your home insurance agent or accountant about your particular situation.”

Here are just a few financial benefits a homeowner can look forward to:

1. Mortgage interest. The interest a homeowner pays on their mortgage is tax-deductible, up to $1 million.
2. Tax-free profits. Any profit made from the sale of the homeowner’s house is tax-free. Homeowners can exclude up to $250,000 from the sale of the home and $500,000 for the homeowner couple who files jointly.
3. Property taxes. Home property taxes are an income tax deduction.
4. Moving benefits. The federal government will allow homeowners to sidestep many moving expenses when purchasing a new home if it’s closer to their place of work than their previous residence. In order to qualify, however, the homeowner must work full-time in the area of their job.

There are plenty of tax benefits to being a homeowner. But since tax rules vary based on many factors, potential homeowners should consult with a financial professional, like an accountant, or a home insurance agent to see what benefits their particular situation may receive.

For more information, or to get free local homeowners insurance quotes, visit InsuranceAgents.com.

staff contribution: Meha Ahmad

http://www.insuranceagents.com/tax-benefits.html

###

Visit Insurance Agents Website

space