{"id":55,"date":"2023-03-26T20:40:09","date_gmt":"2023-03-26T20:40:09","guid":{"rendered":"https:\/\/www.pargofinancial.com\/blog\/?p=55"},"modified":"2023-05-16T23:50:39","modified_gmt":"2023-05-16T23:50:39","slug":"to-own-or-not-to-own-the-benefits-of-being-a-property-owner","status":"publish","type":"post","link":"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/","title":{"rendered":"To Own or Not To Own: The Benefits of Being A Property Owner"},"content":{"rendered":"\n

To own or not to own.; Are you thinking about whether or not to buy a home? There are some huge benefits<\/a> to being a property owner.

There are some standard deductions involved in owning a home. Let\u2019s look at the top four:

1. You can deduct the interest you pay on your mortgage.

2. You can deduct mortgage insurance.

3. You can deduct state and local taxes.

Above all, If you itemize on your federal income tax return, you can take the SALT<\/a> (State and Local Tax) deduction. Importantly, a homeowner pays taxes through escrow, that amount is on form 1098. Homeowners can deduct up to $10,000 of their state and local property taxes and state income or sales taxes. Income and sales taxes cannot be deducted, so you can combine property and sales taxes OR property and income taxes. In short, a qualified tax accountant can help you determine which is best for you.

4. You can get a residential energy credit.<\/a>

Energy-efficient exterior windows, doors, and skylights
Roofs (metal and asphalt) and roof products
Insulation
In addition, residential energy property expenses include the following qualifying products:

Energy-efficient heating and air conditioning systems
Which includes,water heaters (natural gas, propane, or oil)
Also, Biomass stoves (qualified biomass fuel property expenditures paid or incurred in taxable years beginning after December 31, 2020, are now part of the residential energy efficient property credit for alternative energy equipment.)
Furthermore, there are a few other deductions that apply to some homeowners:

5. Nonetheless, you can deduct your home office.

If you work from home like many do these days, or if you have a home-based business, you may be eligible for this deduction. Part of your home must be used exclusively and regularly for your job or business to qualify for this deduction. The home must be the primary location of your work or business.

6. Also, you can deduct improvements to your home if they are medically necessary.
7. When you sell your home, you can get some profits tax-free.

If homeowners decide to sell their home<\/a> and have lived in it for two of the last five years, they can save big via the capital gains tax exclusion. That exclusion means a homeowner does not have to pay taxes on the first $250,000 (single) or $500,00 (married) profit from the sale of their home. This exemption is more beneficial than the capital gains deduction.

In summary, to keep track of all these possible deductions and more that homeowners may benefit from, get in touch with your local accountant or CPA<\/a> so that you can stay up to date on changing deductions, benefits, and more for homeowners. To own or not to own;<\/h2>\n","protected":false},"excerpt":{"rendered":"

To own or not to own.; Are you thinking about whether or not to buy a home? There are some huge benefits to being a property owner. There are some standard deductions involved in owning a home. Let\u2019s look at the top four: 1. You can deduct the interest you pay on your mortgage. 2. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[5,8],"tags":[],"yoast_head":"\nTo Own or Not To Own: The Benefits of Being A Property Owner -<\/title>\n<meta name=\"description\" content=\"to-own-or-not-to-own-the-benefits-of-being-a-property-owner; should you rent or buy, pros and cons Pargo Financial LLC\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"To Own or Not To Own: The Benefits of Being A Property Owner\" \/>\n<meta property=\"og:description\" content=\"to-own-or-not-to-own-the-benefits-of-being-a-property-owner; should you rent or buy, pros and cons Pargo Financial LLC\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/\" \/>\n<meta property=\"og:site_name\" content=\"Pargo Financial LLC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=100089794645751\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-26T20:40:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-16T23:50:39+00:00\" \/>\n<meta name=\"author\" content=\"Steven Pargo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@pargofinancial\" \/>\n<meta name=\"twitter:site\" content=\"@pargofinancial\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steven Pargo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/\"},\"author\":{\"name\":\"Steven Pargo\",\"@id\":\"https:\/\/www.pargofinancial.com\/blog\/#\/schema\/person\/59f91efe77a15ab5b736cbe85aa0816c\"},\"headline\":\"To Own or Not To Own: The Benefits of Being A Property Owner\",\"datePublished\":\"2023-03-26T20:40:09+00:00\",\"dateModified\":\"2023-05-16T23:50:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/\"},\"wordCount\":451,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.pargofinancial.com\/blog\/#organization\"},\"articleSection\":[\"Individual Taxes\",\"Investments\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/\",\"url\":\"https:\/\/www.pargofinancial.com\/blog\/to-own-or-not-to-own-the-benefits-of-being-a-property-owner\/\",\"name\":\"To Own or Not To Own: The Benefits of Being A Property Owner -\",\"isPartOf\":{\"@id\":\"https:\/\/www.pargofinancial.com\/blog\/#website\"},\"datePublished\":\"2023-03-26T20:40:09+00:00\",\"dateModified\":\"2023-05-16T23:50:39+00:00\",\"description\":\"to-own-or-not-to-own-the-benefits-of-being-a-property-owner; 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