Kay Severson

THE BENEFITS OF OWNING YOUR OWN HOME-

Aside from the non-tangible benefits of owning a house such as pride and security, there are a lot of financial benefits when it comes to owning your own home, and some of these financial benefits will be very useful when tax season draws near.
So what are these benefits?

It builds wealth over time
Our parents and their parents before them always believed that owning a house was one of the best financial investments possible, but with the recent housing bubble situation, not a whole lot of people believed in it anymore. So the new generation has to be slowly convinced that owning a home is indeed something that is beneficial – providing that you buy a home that you can afford.

Capital Gain Exclusion
If you have lived in your house for two of the past five years, you can be exempted up to $250,000 for an individual and $500,000 for a married couple of profit from capital gains. The better news is you don’t need to buy a replacement home or move up. There is no age restriction and the over 55 rule doesn’t apply. You can exclude from the above thresholds every 24 months. What does this mean? This means that you could sell every two years if you want, and pocket your profit (subject of course to limitation), free from taxation. Ka ching!

Read The Full Story Here! - http://kennethjohnson.realtytimes.com/advicefromagents1/item/37594-the-benefits-of-owning-your-own-home