Although homeownership is perhaps best known for the numerous costs associated with it, owning a home can also have a host of financial benefits. In the United States, those include benefits in the form of tax deductions and credits that can be claimed on federal income taxes. Deductions reduce people’s taxable income, thus lowering the amount of taxes they owes for the year and often increasing the amount of refund received, while tax credits directly reduce the amount of tax owed. Although... więcej
Salem Press Encyclopedia, 2019. 2p.