7 Amazing Tax Benefits of Owning a Home in 2024

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Күн бұрын

I have 7 amazing tax benefits of owning a home where I break down many tax deductions for homeowners to take advantage of in 2024.
Book a Tax Services Discovery Call: schedule.lyfetaxes.com/discov...
I don't want you to miss out. So in this video, I will cover:
- Home Renting vs Home Ownership
- Tax Benefits of Owning a Home (and how they work)
- Math & Calculations along the way
Timestamps:
Homeowner Tax Benefits: (0:00)
Renting vs Owning a Home (1:14)
Tax Benefit #1 (3:56)
Tax Benefit #2 (6:44)
Tax Benefit #3 (8:23)
Tax Benefit #4 (9:49)
Tax Benefit #5 (11:20)
Tax Benefit #6 (13:10)
Tax Benefit #7 (14:22)
Important NOTE (14:47)
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I've been a renter for all of my adult life and thought that I would continue to because as an entrepreneur, instead of putting my savings in cash into a downpayment
I would instead use my cash to make more aggressive investments that would appreciate faster than a primary residence because historically residential real estate only appreciates 3%.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 31

@ossiespencer4982 2 жыл бұрын

Thank you for the video. It was helpful.

@Pharoe29 Жыл бұрын

Excellent presentation. Thank you sincerely for creating this video!

@investmentanalyst779 Жыл бұрын

5% down on a mortgage means you 20x leveraged; a 3% return is actually a 60% return for someone who put 5% down.

@brete.7438 6 ай бұрын

Thanks for the information!

@Danitapg 10 ай бұрын

Yes home office deduction. Thank you for the information

@quinnbuss9649 2 ай бұрын

very helpful video for everything else

@DivineLightProductions 2 жыл бұрын

Thanks, LYFE, for making all this knowledge available and understandable! Your content delivery style keeps getting more and more enticing 🔥👍🏼 💯

@Mosdefinitelyable Жыл бұрын

Thank you so much!

@johnnyBrwn 2 жыл бұрын

I see what you're saying about not home owning in place of "aggressively investing". However, in your example you use $100k worth of stocks. The advantage w/ real estate are 1.) leverage 2.) market appreciation on leveraged money 3.) cash flow. Basically, most people can't get a $100k loan to invest in index fund or a business loan but many people CAN get a $100k+ mortgage loan. So realistically, the ROI is significantly more for home w/ market appreciation than stock because most will only have $20-40k of hard cash to invest in stocks. Also, securities (and businesses) generally don't cashflow well because most businesses fail and dividends returns are low.

@civil_villain 2 жыл бұрын

I put 90k down on my primary residence in early 2020. That investment has brought me over a 60% return over the last two years. That's anomalous. While there will be a slowdown, there won't be a price crash. Too many corporations bought too many homes (to rent) to allow that to happen.

@mplscarsales6652 Жыл бұрын

IT’s happening now property values dropping by thousands .it’s only worth it if someone thinks it’s worth it with these 7% rates it’s not happening

@saturnview4996 2 жыл бұрын

Very good content

@LYFEAccounting 2 жыл бұрын

Thank you, Saturn! I put a lot of effort into it. Do you currently own or rent?

@bigtymer163 6 ай бұрын

Yes I think home values will go down eventually due to new innovations and recessions. Its a matter of time

@breew2968 2 жыл бұрын

I'm currently renting, and researching investment opportunities since i dont want want to get a house in this FL market. Would be interested to see a video on your thoughts of a crash or slow down in the market. Thanks for the video and will share with people i know who own a home! Also, Congrats on building your home for your family! I hear supplies are on back order, so i hope your process isnt too difficult. Great content as always 👍🏾

@jenniferpotter8010 4 ай бұрын

😊😊😊😊😊😊😊😊😊

@Mosdefinitelyable Жыл бұрын

Hello. How do I know if I will be taxed on an IRA withdrawal for a first-time home purchase? Does it matter which tax bracket I am in? Thanks.

@trenab 10 ай бұрын

Interested in this answer as well

@Mosdefinitelyable 10 ай бұрын

@@trenab Hi. I bought my home, and a wealth advisor told me that I just need to prove I bought a home and I can fill out the IRS form to exclude me from paying taxes if I took out from my IRA that year.

@FinancialFreedomMadeSimple 2 жыл бұрын

Great content, very helpful.

@stevusmaximus 2 жыл бұрын

"Transportating"

@Vicky95Irene 2 жыл бұрын

does the home office deduction go on your person 1040 or schedule c of your llc?

@LYFEAccounting 2 жыл бұрын

Schedule C, if you have a single member LLC

@simplylifewithninayodo 2 жыл бұрын

30 years I take it this video isn’t fir everyone😩😩😩 but great information

@mlfitness67 2 ай бұрын

I haven't received any tax benefits from Home ownership 😢

@TJ-Stackin 2 жыл бұрын

If a home isn't cash flowing it's a liability period

@Arkile 7 ай бұрын

Stocks are not guaranteed to get 10%

@brunoleonardo929 2 жыл бұрын

I'm a solar representative. If you live in SoCal and want to see what it would look like to go solar reply to this comment. You have nothing to lose except the tax credit 🤷🏽‍♂️😉

@quinnbuss9649 2 ай бұрын

Wrong about the federal tax credit for solar. it is 30% and will be for the next 8 years. It is not going anywhere lol

@johnwall9099 10 ай бұрын

1-4 are irrelevant #5 is good

@michaelrandazzo7225 8 ай бұрын

You're wrong about home appreciation. They appreciate at a 6% rate, not three. Another reason why you're wrong, when you purchase a property you put 20% down. Let's say you only have a 3% rise in the house. You have to multiply the 3% by 5, which is a 15% on your money, not 3%. That's not the only reason why you're wrong. There are other reasons why