What Taxes You Pay as a Homeowner! (Did You Budget for Them All?)

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If you own a home, then you need to know exactly what taxes you are required to pay. Otherwise, you could accidentally fail to comply with tax law. Many homeowners are somewhat aware of their tax obligations. However, many others do not fully understand their tax responsibilities.

In this video, tax expert Karlton Dennis explains all of the key tax rules that homeowners need to be aware of in order to remain in full compliance with tax law. He also explains common misconceptions that many homeowners have when it comes to the taxes that they are required to pay related to their homes.

By gaining a clear understanding of these tax rules, homeowners can not only avoid costly penalties but also potentially take advantage of deductions and credits that reduce their overall tax burden. This video serves as a valuable resource for anyone looking to navigate the often confusing landscape of home-related taxes with confidence.

CHAPTERS:
0:27 1. Property Taxes
2:04 2. Capital Gains Taxes
3:29 3. Transfer Taxes
4:02 4. Special Assessment Taxes
4:32 5. Mansion Tax
5:36 Key Deductions and Benefits for Homeowners
5:45 The Mortgage Interest Deduction
6:51 The State and Local Tax (SALT) Deduction
7:54 Improvements
9:03 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#homeownership #propertytaxes #realestateinvesting