Here’s the truth – there is no federal tax deduction for paying monthly rent. But as a new or potential home buyer, you’ll be pleasantly surprised to learn about the many tax deductions available to homeowners. By investing you tax refund towards a down payment on a home, you could save that you’ll get more in return (cue: ba-dum-ching!). Let’s take a look at the extra write-offs available to homeowners:
1. Mortgage Interest
If you think there’s no chance you could ever afford to buy a home, it’s time you take a closer look at the real costs of renting. You’ll be surprised to learn that owning your own home is comparable (and maybe even a little less expensive!) than renting. Imagine having the freedom to demo a wall to create a more spacious kitchen or to paint your bedroom neon green – things that
You know that dreaded moment when you look around for the nearest adult and you realize… you are the adult?
Does adulting make you want to curl up in the closet under a blanket, flashlight in hand, and spend the next… forever… reading comic books and eating Doritos? Ah, the good ol’ days, where we didn’t have to think about such things as credit scores, account balances, debt, and mortgages.
Applying for a mortgage