Episode 041

Do I Really Get a Tax Deduction If I Own a Home?

In this episode, Luis speaks about the tax benefits of owning a home. Luis came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City, he noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education. He founded Build a Better Financial Future LLC and is the host of the On My Way to Wealth podcast. Luis was named one of Investment News 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch, as well as Investopedia’s 100 Top Financial Advisors of 2020. From participating as an FPA NexGen Ambassador & Host, to speaking at the CFP Board’s Diversity Summit, Luis uses his platform to help spread financial literacy as well as encourage younger and diverse planners to join and thrive in the industry. 

Notes:

In this episode, you’ll learn about the following and more:

  • What the standard deduction is
  • What itemized deductions are
  • Whether you can deduct home repairs and improvements
  • The primary residence capital gains tax exemption

Resources: