What are the tax benefits of owning home? a second home? an investment property?

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Rainmaker
2,784,116

Richie Alan Naggar

people first...then business Ran Right Realty - Riverside, CA

agent & author

Lets hear it from CPA's as this is their subject matter

Oct 28, 2016 04:09 AM

Upvote

5

Michael Jacobs

Pasadena, CA
Tony and Suzanne Marri...

Scottsdale, AZ
Nina Hollander, Broker

Charlotte, NC
Richie Alan Naggar

Riverside, CA
Kartik Subramaniam

Rancho Cucamonga, CA

Rainmaker
901,828

Olga Simoncelli

Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT

CONSULTANT, Real Estate Services & Risk Management

Have you ever heard of the concept of research? on your own, that is?

Oct 28, 2016 10:53 AM

Upvote

3

Michael Jacobs

Pasadena, CA
Nina Hollander, Broker

Charlotte, NC
Mary Yonkers

Erie, PA

Rainmaker
2,224,473

Debbie Laity

Cedaredge Land Company - Cedaredge, CO

Your Real Estate Resource for Delta County, CO

Seek the advice of a tax professional.

Oct 28, 2016 09:11 AM

Upvote

2

Nina Hollander, Broker

Charlotte, NC
Mary Yonkers

Erie, PA

Rainmaker
5,583,328

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

those are questions for an accountant....

Oct 28, 2016 07:28 AM

Upvote

2

Nina Hollander, Broker

Charlotte, NC
Mary Yonkers

Erie, PA

Rainmaker
3,071,489

Tony and Suzanne Marriott, Associate Brokers

Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ

Haven Express @ Keller Williams Arizona Realty

Richie Alan Naggar nailed this one!

Oct 28, 2016 05:04 AM

Upvote

2

Nina Hollander, Broker

Charlotte, NC
Richie Alan Naggar

Riverside, CA

Rainmaker
4,319,773

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

abby tiscareno - let the accountant take care of this...

Oct 28, 2016 04:35 PM

Upvote

1

Nina Hollander, Broker

Charlotte, NC

Ambassador
3,740,231

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

You need to have a sit down with your favorite tax expert. This question is way above most Realtor's pay grades, unless they were CPAs in a past life.

Oct 28, 2016 02:16 PM

Upvote

1

Nina Hollander, Broker

Charlotte, NC

Ambassador
5,059,206

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

There can be anumber of tax benefits. A CPA can provide a good overview that can depend on the individual tax/financial situation.

Oct 28, 2016 01:46 PM

Upvote

1

Nina Hollander, Broker

Charlotte, NC

Ambassador
6,413,711

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Sounds like 4 big questions that exceed the size of this box.

Oct 28, 2016 01:40 PM

Upvote

1

Nina Hollander, Broker

Charlotte, NC

Ambassador
2,684,569

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

Talk to a CPA.

Oct 28, 2016 12:43 PM

Upvote

1

Nina Hollander, Broker

Charlotte, NC

Rainer
509,449

Susie Kay

Ultra Real Estate Dallas Fort Worth - Plano, TX

North Dallas Specialist

That's something you should discuss with your CPA, not your realtor.

Oct 28, 2016 12:24 PM

Upvote

1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
1,231,853

Mary Yonkers

Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA

Erie/PA Real Estate Instructor

Michael Setunsky See his comment.

Oct 28, 2016 11:24 AM

Upvote

1

Michael Setunsky

Woodbridge, VA

Rainmaker
1,466,257

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

abby tiscareno Home ownership: Taxes and mortgage interest. Second home: None other than enjoyment. Investment property: Expense deductions

Oct 28, 2016 04:29 AM

Upvote

1

Kartik Subramaniam

Rancho Cucamonga, CA

Rainer
27,065

Mary Hamilton

North Beach, NJ

When you buy a home you get to deduct two of the biggest owning-a-home expenses from your federal income tax. They are your property taxes and the interest o n your mortgage.

Nov 04, 2016 12:58 AM

Upvote

Rainmaker
1,157,791

FN LN

Toronto, ON

I have previously provided responses to others in this forum who have asked the same question.

Oct 29, 2016 05:02 PM

Upvote

Rainmaker
5,772,575

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Abby,

We all have different tax needs, so talk to Your CPA, he/she know best. A

Oct 29, 2016 06:49 AM

Upvote

Rainmaker
1,624,653

Inna Ivchenko

Barcode Properties - Encino, CA

Realtor® • GRI • HAFA • PSC Calabasas CA

Tax shelter for your own home and tax deductions on an investment property. Your CPA would be able to spell it all in details.

Oct 29, 2016 03:42 AM

Upvote

Rainmaker
4,800,132

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

The devils in the details, so I would ask a tax professional.

Oct 29, 2016 03:05 AM

Upvote

Rainmaker
1,617,916

Harry F. D'Elia III

WEDO Real Estate and Beyond, LLC - Phoenix, AZ

Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I would ask a tax advisor

Oct 29, 2016 01:52 AM

Upvote

Rainmaker
4,580,874

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

I would consult a qualified tax professional to discuss the different scenarios you have presented.

Oct 29, 2016 12:34 AM

Upvote

Rainmaker
4,434,177

Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Ask your accountant.

Oct 28, 2016 11:41 PM

Upvote

Rainmaker
5,235,771

Wayne Martin

Wayne M Martin - Chicago, IL

Real Estate Broker - Retired

Ask your CPA or tax attorney!

Oct 28, 2016 11:36 PM

Upvote

Rainmaker
7,860,266

Roy Kelley

Retired - Gaithersburg, MD

Check the previous answers.

Go the the IRS website for all the details you may need.

Oct 28, 2016 11:16 PM

Upvote

Rainmaker
4,898,253

Richard Weeks

Dallas, TX

REALTOR®, Broker

Great question for a cpa or tax attorney.

Oct 28, 2016 10:23 PM

Upvote

Rainmaker
5,110,554

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Ask a CPA/tax advisor.

Oct 28, 2016 08:46 PM

Upvote

Rainmaker
1,092,747

Diana Zaccaro Broker Associate

ZOOM Realty Group - Cocoa Beach, FL

"The Accidental Blogger" Cocoa Beach, Florida

Ask your CPA and tax attorney.

Oct 28, 2016 12:18 PM

Upvote

Rainmaker
921,504

Annette Lawrence , Palm Harbor, FL 727-420-4041

ReMax Realtec Group - Palm Harbor, FL

Making FLORIDA Real Estate EZ

The benefits depend on the situation or position of the individual.

Their tax adviser will have directed them regarding the instruments of ownership best suited for them.

It is possible the individual is a "Hillary Type' and will choose to pay their fair share in taxes and pay the maximum possible. Or they my be the Trump type and pay 100% of what is REQUIRED using existing tax code.

The benefits are so broad and comprehensive there is an entire industry based on advising those willing to pay for qualified advise.

A Q & A on Active Rain will not provide quailed advise.

Oct 28, 2016 05:44 AM

Upvote

Rainmaker
1,574,666

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

The write offs if you have enough to overcome the standard deduction amount... the benefit of home ownership is more than a tax return. BTW I am not a CPA or tax expert.

Oct 28, 2016 05:39 AM

Upvote

Rainmaker
3,988,013

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

If you own your primary resident and itemize your deductions, the interest and property taxes paid in the yar become a deductible expense. Second homes also qualify. Investment property is more complex and expenses are also used and depreciation.

Oct 28, 2016 05:25 AM

Upvote

Rainer
108,016

Scott Lawson

America's Home loans - Santa Rosa, Petaluma Mortgage Broker - Santa Rosa, CA

Mortgage Broker FHA, VA, refinance or purchase

Tweet to Donald Trump--he'll tell you...

Oct 28, 2016 05:19 AM

Upvote

Rainmaker
2,190,546

Michael J. Perry

KW Elite - Lancaster, PA

Lancaster, PA Relo Specialist

Great write offs !

Oct 28, 2016 04:52 AM

Upvote

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Have you ever heard of the concept of research? on your own, that is?
You need to have a sit down with your favorite tax expert. This question is way above most Realtor's pay grades, unless they were CPAs in a past life.
There can be anumber of tax benefits. A CPA can provide a good overview that can depend on the individual tax/financial situation.
Sounds like 4 big questions that exceed the size of this box.
That's something you should discuss with your CPA, not your realtor.
abby tiscareno Home ownership: Taxes and mortgage interest. Second home: None other than enjoyment. Investment property: Expense deductions
When you buy a home you get to deduct two of the biggest owning-a-home expenses from your federal income tax. They are your property taxes and the interest o n your mortgage.
I have previously provided responses to others in this forum who have asked the same question.
Abby,

We all have different tax needs, so talk to Your CPA, he/she know best. A
Tax shelter for your own home and tax deductions on an investment property. Your CPA would be able to spell it all in details.
The devils in the details, so I would ask a tax professional.
I would consult a qualified tax professional to discuss the different scenarios you have presented.
Check the previous answers.

Go the the IRS website for all the details you may need.
The benefits depend on the situation or position of the individual.

Their tax adviser will have directed them regarding the instruments of ownership best suited for them.

It is possible the individual is a "Hillary Type' and will choose to pay their fair share in taxes and pay the maximum possible. Or they my be the Trump type and pay 100% of what is REQUIRED using existing tax code.

The benefits are so broad and comprehensive there is an entire industry based on advising those willing to pay for qualified advise.

A Q & A on Active Rain will not provide quailed advise.
The write offs if you have enough to overcome the standard deduction amount... the benefit of home ownership is more than a tax return. BTW I am not a CPA or tax expert.
If you own your primary resident and itemize your deductions, the interest and property taxes paid in the yar become a deductible expense. Second homes also qualify. Investment property is more complex and expenses are also used and depreciation.