John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Home Ownership 

"What are the tax benefits of home ownership?"

The tax benefit that we think of most frequently is the deduction for mortgage interest and real estate taxes. However, one of the biggest tax benefits to owning your home is that the gain (up to $500,000 for a married couple) is tax free (so long as you meet certain criteria).

Information regarding the tax free sale of your residence?

Take a look at the IRS website: http://www.irs.gov/newsroom/article/0,,id=106951,00.html