Homeownership and Taxes — A Q&A With Tax Attorney Bruce Edwards
Tax season is fast approaching, which means it’s time to call your accountant and get your files in order — or get started on your tax filing yourself.
Homeowners have additional considerations to keep in mind as various costs associated with owning a home can be tax deductible. That doesn’t mean, though, that the decision to purchase a home should be driven primarily by the tax benefits, notes Bruce Edwards, a tax attorney and a partner of Sorensen & Edwards, P.S. in Seattle.
Owning your home can certainly help lessen what you owe the IRS come April 15, but, Edwards says, taxes are just one of many considerations to be weighed when deciding whether to rent or buy. Edwards offers his thoughts to The Home Story on how to factor taxes into real estate decision-making.
The Home Story: Generally speaking, how well-informed are homeowners when it comes to the tax advantages of homeownership?