do you get tax break for buying a house

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Not at all. If you buy and sell a share of Wal-Mart for $40, and collect $9 of income in the meantime, you’re going to be paying tax on the . wal-mart dividends, by the way, get a maximum 20%.

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For most people, the biggest tax break from owning a home comes from deducting mortgage interest. You can deduct interest on up to $1 million of debt used to acquire your home.

Picture this: You find the perfect house, forgo the bank and the associated mortgage paperwork, and break out your checkbook to purchase a home outright. While paying cash for a home is a still a far-fetched dream for many people, it’s actually becoming more common in the real estate market.

No amount of tax deductions justifies buying a house extremely outside of your budget. If you can’t hang on to the house by comfortably making the payments each month, it then becomes a not so great investment.

Tax breaks ease the cost of mortgage. Buying a home is when you begin building equity in an investment instead of paying rent. And Uncle Sam is there to help ease the pain of high mortgage payments. The tax deductions now available to you as a homeowner will reduce your tax bill substantially.

Best Answer: you must be talking about the new 00 tax credit obama just signed into law. Basically buy any house until December this year and get an automatic tax credit of up to $8000 on your taxes. Its the refundable kind so even if you are due a refund, you get that refund plus $8000 extra!

If you realize a gain on your stock holdings, you still have to pay a capital gains tax even if you immediately intend to put those gains to use by purchasing a house. The IRS views these events as mutually exclusive. You get a tax break only if you sell your home and use the proceeds to buy another home within two years of the sale.

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