Jeff Foxworthy said, "If your biggest tax deduction was bail money, you might be a redneck."
I am pretty sure there are better tax breaks, but I've never had to post bail before, so I'm not a 100% sure.
But maybe you're thinking marriage or kids are good tax breaks, but check this out: The best tax break you can get is if you're a homeowner and you sell your home.
You might already know about the tax breaks that Uncle Sam offers property owners, most notably mortgage interest and property tax deductions, but another big one is when you sell your home: You most likely won't owe the Internal Revenue Service a single dime.
When you sell a property that was your primary residence for at least two of the five years before the sale, you can make up to $250,000 in profit if you're a single owner, $500,000 if you're married, and not owe any capital gains taxes.
This is thanks to the Taxpayer Relief Act of 1997.
Another bonus to the new rules? You don't have to buy another home with your sale proceeds. You can use the money to travel Europe in style, buy a boat or get all those designer shoes you never could afford.
Even better, there's no limit on the number of times you can use the home-sale exemption. In most cases, you can make tax-free profits of $250,000, or $500,000 depending on your filing status, every time you sell a home.
So in a world were you get taxed for everything, (even when you die) there really is no better tax break than selling a home. But first you have to buy a home to do that.
Can you imagine getting ahead $50,000, $100,000 or even $500,000 and not having to pay taxes on it? That's a Big Win!
I talk about different Big Wins in my book Home Buying Made Easy.
And you can get yourself a FREE copy of this book by visiting this website.
PS: If you want to go look at any homes this weekend, make sure you contact Kristi. She is a real estate agent who focuses on helping you find and buy your home. Contact her at email@example.com
PPS: Here are some links to articles you might find valuable and/or entertaining:
Why Your Rent Is Going To Rise Again
First Time Home Buying For Millennials
Rent Jessica Alba’s House In Beverly Hills For $12,000
Can You Believe A Beer Is Going To Cost You This Much In 2064?