''In this world, nothing is said to be certain except for death and taxes.'' - Benjamin Franklin
If you have or want to buy or sell a home, you know how critical it is to understand the taxation of property. There are several ways that you can save money on your property taxes.
If you have or want to buy or sell a home, you know how critical it is to understand the taxation of property. There are several ways that you can save money on your property taxes.
1. Interest Deduction- ability to write off the interest of your home.
2. Property Tax Deduction- additional write off, put a little bit more on your pocket.
3. Exclude Capital Gains- if you are a single person you get to save up to $250,000 and up to $500.000 if you are married.
4. 1031 Exchange- ability to not pay any taxes or you can do a transfer to a like- kind property.
5. Depreciate the asset- for investment properties, depreciate the value of the property.
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