Are you considering Los Angeles as your next investment target for its real estate listings? You might be the person who wants to live in the busyness of LA. You may also want a real estate in there for its resale value that can gain you a lot of profits. However, you need to know about the tax benefits that one gets from having a Los Angeles real estate. Even if you may also consider San Diego as a good spot for a new home, LA has what you need as well. You have many areas to choose from, including those near Hollywood if you are so into celebrities.
If you want to start as a serious investor, you need to familiarize yourself with places that have good benefits to offer real estate buyers like you. This time around, LA can give you certain tax benefits that include the following:
- Mortgage interest reduction. An LA homeowner can deduct the mortgage interest on a $1-million worth principal or second home. This can help reduce your payments for the home by a third or even more.
- Cost of home. This consists of loan origination fees, closing costs, prorated interest, and prorated property taxes on closing. All these costs are deductible expenses.
- Property taxes. Anything to do with your local and state taxes is declared deductible on your federal income tax return.
- Home-sale exclusion. This is beneficial only to LA homeowners who have owned their home for two to five years before the sale. Single homeowners can enjoy $250,000 deduction and $500,000 for married couples.
- Rental income. LA homeowners can allow their house to be rented 14 days every year and enjoy no tax from the rental income during this period.
Source: http://www.oagnepal.com/tax-benefits-of-buying-a-los-angeles-real-estate/4020/
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