As the carrier of home, real estate is also an investable fixed asset.In the United States, whether it is self-occupation or investment, tax issues are inevitably involved.
After the tax reform takes effect in 2018, can buying a house be tax-deductible?House loan( Mortgage ) Is it tax deductible?U.S. Property Tax ( Property Tax ) Is it tax deductible?How are these expenses tax deductible?How much tax credit?In some cases, I can pay in full in cash to buy a house, or I can buy a house with a loan. Is the loan tax deductible?Is the cost of maintaining the house tax deductible?Is the decoration tax deductible?This is a problem, which is often asked by friends who plan to buy a house or who already own a house.
Today I will focus on the property tax for owner-occupied housing ( Property Tax ) And loans ( Mortgage ) Tax deduction issues, share some concise information.
1. Can buying a house be tax deductible?Is the house loan tax deductible?
can.
- Property tax (often called: land tax) can be deducted, loaninterestIt can also be deducted.But it should be noted that there are upper limits for property tax and loan interest deductions.The loan part includes principal and interest, and only the interest part can be deducted.
- Taxes paid by taxpayers to state and local governments, such asproperty tax, The state income tax, the maximum amount that can be used for tax deduction is10,000 dollar.
- loan amount75 USDThe loan interest corresponding to the following can be used for tax deduction.
2. How to deduct tax?How much tax credit?
There are two types of tax deductions in the United States:
- Standard Deductions
- Itemized Deductions
These two tax deductions arepick one of two.
Property tax and mortgage interestIt can be used as an itemized deduction for tax deduction.
The standard deduction for singles is $12,000, couples are $24,000, and the head of the family is $18,000.The chart below gives you an intuitive understanding.
案例情況:2018年,所有收入總計$62,000,已交州收入所得稅$2,000,房產稅$11,000。 房子貸款$600,000,所付房貸利息$12,000。
3. I can buy a house in full cash, or buy a house with a loan. Is the loan tax deductible?
I believe the above chart has already given you the answer.
Is the loan tax deductible?Different people have different opinions.
Can buying a house be tax deductible?can.Is the house loan tax deductible?can.
How to get it?How much is it worth?Each deduction needs to be listed, and the specific situation is analyzed concretely, and it cannot be generalized.
The answer to the question "Can you buy a house in full, or you can buy a house with a loan, is the loan tax deductible?" The answer is:Different people have different opinions.
Is the cost of maintaining the house tax deductible?
Own housing expenses, such as insurance, general repairs, water and electricity, HOA, etc., are not allowed.Large projects or projects that increase the value of a house can be counted as house costs.Can come in handy when sold.
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