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Tuesday, April 17, 2007

5 homeownership tax myths


Owning a home tops the dream list for most Americans, and for plenty of good reasons: It's a shelter for your family, a gathering place for your friends and a good long-term investment.


Tax breaks are also frequently cited as motivation for moving from renting to owning, and there are many ways a home can cut your tax bill.


But, as is often the case with the U.S. tax code, homeownership tax benefits are not always clear cut. That frequently leads to some bad information floating around.


While myths, half-truths and misconceptions may abound, we've narrowed it down to five which, if you buy into them, could cost you.

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