Principal Residence Tax Advantages

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Taxes Affecting Real Estate

Section 10 of 17

The U.S. tax code highly favors homeownership. Homeowners can generally deduct the mortgage interest paid on both their principal residence and a second home from their federal income taxes, up to certain loan limits. Additionally, they can deduct property taxes paid on these homes, though there is currently a cap on the total amount of state and local taxes (SALT) that can be deducted.