CHAPTER 4Your Home

Home ownership is part of the American dream. According to the U.S. Census Bureau, 65.8% of Americans owned their own homes in the second quarter of 2022. There are many reasons that we want to own rather than rent a home—for example, as a way to build up equity. And with remote work arrangements continuing despite the waning of COVID‐19, having a good place to do it has meant being a homeowner for many individuals. But there are also sound tax reasons favoring home ownership. Certain expenses of home ownership are deductible. And when you sell your home, some or all of your profit may be tax free. If you had problems with your mortgage or lost your ...

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