I am often asked by customers to explain the tax deductions associated with owning a home. Although I am a CERTIFIED FINANCIAL PLANNER™ I always feel hesitant to answer this inquiry because I am not a licensed tax preparer and the tax code is so dynamic I want to be careful not to misjudge a person’s circumstances.
I came across THIS ARTICLE written by two competent tax professionals and thought I would share it. It does a great job of summarizing the tax advantages of owning a primary & second residence as well as the capital gains exclusion.
The article also touches on the possible advantage of unmarried couples co-owning property in high cost housing areas.