There are many pros and cons of owning real estate that we discuss on Better Life + Finance. Some of our favorite pros to investing in real estate are the tax advantages! We were amazed in our first year of owning our first multifamily property how much our taxes were positively impacted just by owning our home. This article discusses 5 advantages to owning real estate.
Owning real estate can provide several tax advantages, including:
+ Better Tip
When we purchased our first multifamily home, we were referred to a local accountant who works with many real estate investors and owns real estate themselves. We have been working with this CPA ever since and continue to refer our friends and clients to them. We learned that once you add real estate into the mix, personal taxes become a lot more complicated and the opportunities to miss crucial deductions greatly increase. We have peace of mind knowing that a professional is handling the annual documentation of our rental property activities and it is completely worth the cost of the tax service. We keep track of our expenses and income throughout the year and then hand that data off to our CPA and let them work their magic. Our Better Tip? Leave tax returns to the professionals and enjoy your day!
This article discusses the benefits and potential disadvantages of both renting a home and buying a home. Renting a home and buying a home each have their own advantages and disadvantages, and ultimately the decision between the two depends on your personal circumstances and priorities.
Real Estate + Money
Thoughts, ideas, lessons-learned, inspiration, how-tos and more from a journey in small business, to owning and investing in real estate, helping borrowers navigate the mortgage process as a licensed loan originator, in an ongoing pursuit to fund the life and retirement that is chosen, not accepted.