Apr
14
Owning a Home in U.S. Has Fewer Tax Benefits Than You Think
By-
Standard deduction now beats itemizing for many buyers
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Low mortgage rates mean borrowers have less to write off
The tax benefits of homeownership, which generations of U.S. residents have counted on, have been elusive for typical buyers since mortgage rates started tumbling in 2008, according to an analysis by John Burns Real Estate Consulting LLC.
For a married couple who put 20 percent down on a median-priced home and borrowed the rest, the standard deduction for 2015 is almost $2,500 more than what they’d get by itemizing their mortgage interest and property taxes, according to Burns. By comparison, those expenses easily exceeded the standard deduction in every year from 1972 to 2008, Burns said in a report released Thursday…
Owning a Home in U.S. Has Fewer Tax Benefits Than You Think
