What are the potential tax benefits to buying a home before the end of the year?
If you’re talking about buying one today, there will be no benefits. You are able to deduct property taxes and mortgage interest paid on your schedule A. At this point, you wouldn’t pay enough, if any, of either for it to make a difference on your return. That’s not to say that you shouldn’t buy a home. It’s a good way to start earning wealth – as funny as that sounds. If you can afford to get one now, with interest rates at extreme lows, I would recommend that you go ahead and do that. Good luck!
