Homeowners Lose Tax Deductions – 3 Great Reasons It’s Still Good to Buy
So should I buy a home now?
Even though homeowners did lose tax deductions, home ownership is still a fundamental way to build wealth. Your home’s worth is increasing and not depleting as you use and enjoy it. As you pay your mortgage, the equity in your home increases and when sold, gains are still taxed at a favorable rate. The money paid to rent a home does not create an appreciating asset. There is no deduction for rent at all. Economically, your home is a valuable asset. You have complete control over how you use and maintain your home rather than someone else. Priceless.