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Owning real estate can provide ongoing tax deductions and benefits from "summary" of Tax-free Wealth by Tom Wheelwright
One of the key advantages of owning real estate is the ability to take advantage of various tax deductions and benefits that can help reduce your overall tax liability. These tax advantages are designed to incentivize individuals to invest in real estate, as it is seen as a way to stimulate economic growth and provide housing for individuals and families. When you own real estate, you are able to deduct certain expenses related to the property from your taxable income. These expenses can include mortgage interest, property taxes, insurance, maintenance, and depreciation. By deducting these expenses, you are able to reduce the amount of income that is subject to taxation, ultimately lowering your tax bill. Additionally, owning real estate can ...
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