For many people it was. But maybe this idea can help you get a larger refund next year.
If you own your own home already, this may not be for you. But you can pass it on to your children, grandchildren or anyone else you know who does not yet own their own home.
If you want to increase your tax refund (or simply pay less taxes) –
BUY YOUR OWN HOME TODAY!!!
Let’s face facts. If you are currently renting, you are still paying a mortgage.
What?? You say you don’t have a mortgage because you are renting. Okay. But you are still paying a mortgage. It’s not your mortgage that you’re paying, it’s your landlord’s mortgage you’re paying. And your landlord is getting the tax deduction, not you.
Here’s how it works.
When you own the property, you’ll probably have a mortgage. All of the mortgage interest is tax deductable. This means you take your total income, and subtract the amount of your mortgage interest that you paid from your taxable earnings. By doing this you don’t pay taxes on the amount of interest that you paid. If you paid $12,000 in interest, and you are in the 25% tax bracket, you just saved $3,999 in taxes that you don’t have to pay.
But wait! There’s more.
You will also pay real estate taxes. If your real estate taxes were $8000, you can deduct that $8,000. This will save you an additional $2,000.
But you can continue renting and let your landlord take the deductions instead of you. Let the landlord continue on the road to financial independence instead of you. After 30 years, the landlord will own the home free and clear. And what will you have? A shoebox full of cancelled checks.
BUY YOUR OWN HOME TODAY!!!
Please talk with your accountant to verify the information I’m giving you. I am not an accountant.
