Who needs your money more? You or the people in Washington? Even if you have more than enough to live on, who deserves the money you’ve worked so hard to attain more – you or the people in Washington? These are questions that you find yourself asking every year around tax time. And without any write offs to hedge your bets, you could end up paying even more money in through the tax system than you had originally thought. Because of this reality, many Americans are making the move towards real estate investment, whether in the Laguna Beach real estate market or elsewhere. If you are ready to take control of your finances and stop throwing money down the drain that is Washington, then you need to consider buying a home, duplex, or condominium today.
Here are the advantages:
1. The home itself is a write-off.
While living in an apartment building may relieve you of a number of responsibilities, it will not give you anything to show for it, other than the shelter, at the end of the day. By buying your own property, you can take that money directly off your taxes, not just today but in the years to come. As long as there is an interest rate due, in fact, you will be able to get some tax relief. But the home itself is not the only tax write off that home ownership will make you eligible for. Consider this:
2. The improvements can be a write-off.
Other than the monthly mortgage payment itself, any improvements that you make to your home may be considered as a tax write-off. With more and more homes moving to solar paneling or Energy Star compliancy there may be a number of additional write-offs beyond the home itself, which give back to your tax returns. While not all of these write-offs will be there forever, it is worthwhile to take advantage of them while they are there for you.
3. Historical preservation write-offs.
Many homes that are older may also qualify for additional tax credits. If you are having to maintain the original integrity of the home structure, then that can entitle you to a number of benefits where regular homes would not be eligible.
Tax season can be a very trying and “taxing” time for your emotions. Don’t fall into the trap of missing out on key advantages that home ownership brings with it. Make sure that you have taken advantage of what is out there, so that you can keep more of your money. With voter confidence in Congress and the President at serious lows, it is important to invest in yourself the more you can do it.
Laguna Beach Real Estate is still a viable investment, but for how much longer, who knows? With many properties in the Laguna Beach CA Real Estate market for sale and home sales turning around, expect a busy year.