Buying a Home Someday? Click here to see all the homes available NOW ''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. 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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