There’s nothing quite as confusing as taxes and homeownership. To help, Bankrate.com has a four-page article debunking five myths of homeownership. They are:
1. Mortgage interest will reduce my tax bill.
2. All costs related to my home are deductible.
3. I must use home profits to buy a new home.
4. Putting my children on the deed is tax-smart.
5. If I take a loss on a sale, I can write it off.
These are ideas even financially savvy investors have a hard time grasping. This article will give you some counterpoints the next time someone starts telling you how much you will save in taxes when you buy a house.
Credit: Bankrate.com article