{"id":1376,"date":"2012-09-20T23:07:52","date_gmt":"2012-09-20T23:07:52","guid":{"rendered":"http:\/\/juliekrealestateblog.com\/?p=1376"},"modified":"2014-07-31T14:54:19","modified_gmt":"2014-07-31T14:54:19","slug":"3-tax-benefits-of-owning-los-angeles-real-estate","status":"publish","type":"post","link":"https:\/\/jurus.net\/juliemeggat\/3-tax-benefits-of-owning-los-angeles-real-estate\/","title":{"rendered":"3 Tax Benefits of Owning Los Angeles Real Estate"},"content":{"rendered":"

While there are many advantages to owning\u00a0Los Angeles real estate<\/a>, the\u00a0tax benefits\u00a0are some of the most important to consider. For decades, the\u00a0Federal Government\u00a0and the state of California have incentivized homeownership through tax benefits that are not available to renters. These benefits not only help to reduce the\u00a0home ownership\u00a0costs, but also the costs of buying and selling a home.\u00a0Below are a few\u00a0tips to help you get a better understanding of real estate and the many tax benefits that come with owning a home.<\/p>\n

It\u2019s important to note, however, that in order for a homeowner to take full advantage of most benefits, they must itemize their taxes.<\/p>\n

1) Mortgage Interest Deduction<\/strong><\/p>\n

The mortgage interest deduction (MID) is easily one of the best tax benefits available to homeowners. After searching, finding, and purchasing one of the many\u00a0Los Angeles homes for sale<\/a>, a new homeowner is able to deduct all the interest paid on their mortgage payments. For the first few years of the loan, interest tends to be the largest component of the mortgage payment. Because of this, the MID is a very beneficial\u00a0tax advantage\u00a0to homeowners.<\/p>\n

2) Property Tax Deduction<\/strong><\/p>\n

For\u00a0income tax\u00a0purposes, it\u2019s possible to fully deduct the\u00a0real estate\u00a0property taxes paid on a first home. By taking advantage of these property tax deductions, a homeowner can effectively reduce their total tax burden. To learn more, check out Schedule A (Form 1040), line 6.<\/p>\n

3) Capital Gains Exclusion<\/strong>
\nWhen considering\u00a0Los Angeles homes for sale<\/a>, it\u2019s important for a buyer to develop a long-term plan that includes the capital gains exclusion. So long as a homeowner has lived in their home for two of the last five years, they can take advantage of the exclusion. Individuals can exclude up to $250,000, whereas couples can exclude up to $500,000. It\u2019s possible to claim the exclusion once every 2 years.<\/p>\n

Ultimately, there are a ton of tax advantages and benefits available to homeowners — the tricky part is finding them. For those who wish to learn more about these tax advantages and others, seek out a certified public accountant (CPA) or tax attorney to assess all the available options.<\/p>\n

If you’re looking to buy, sell, or lease property in Los Angeles? If so, please contact me at (310)402-8181 or jkryukova@gmail.com.<\/p>\n

To sign up for free, daily property emails, please go to my website and sign up:\u00a0http:\/\/juliekproperties.com\/free-listings-market-information\/<\/a><\/p>\n

Source: Yahoo! News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While there are many advantages to owning\u00a0Los Angeles real estate, the\u00a0tax benefits\u00a0are some of the most important to consider. For decades, the\u00a0Federal Government\u00a0and the state of California have incentivized homeownership through tax benefits that are not available to renters. These benefits not only help to reduce the\u00a0home ownership\u00a0costs, but also the costs of buying and […]<\/p>\n","protected":false},"author":4,"featured_media":2220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[483,484,247,389,12,224,485,75,486,487,239,115,1114,222,240],"class_list":["post-1376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news-tips","tag-benefits-of-buying-a-house","tag-buy-property-in-los-angeles","tag-hollywood-hills-properties","tag-hollywood-hills-properties-for-sale","tag-hollywood-hills-real-estate-agent","tag-hollywood-hills-real-estate-expert","tag-hollywood-real-estate-expert","tag-julie-kryukova","tag-tax-benefits-of-buying","tag-tax-benefits-of-home-ownership","tag-west-hollywood-expert","tag-west-hollywood-leases","tag-west-hollywood-properties","tag-west-hollywood-real-estate-agent","tag-west-hollywood-realtor"],"_links":{"self":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts\/1376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/comments?post=1376"}],"version-history":[{"count":0,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts\/1376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/media\/2220"}],"wp:attachment":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/media?parent=1376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/categories?post=1376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/tags?post=1376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}