Which of the following is a benefit of buying a home rather than renting?
A) Real estate taxes and utilities will be fixed.
B) It reduces the need to carry insurance.
C) Paying for a home is a good way to force yourself to save.
D) The entire purchase price of the home can be deducted from taxable income, but this deduction must be spread over at least 15 years.

Question

Quizplus · Accepted Answer

Paying for a home is a good way to force yourself to save. While real estate taxes and utilities may be fixed, they are still expenses that need to be paid. Homeowners also need to carry insurance to protect their investment. The entire purchase price of the home cannot be deducted from taxable income, but there are still tax benefits to owning a home. However, the biggest benefit of buying a home rather than renting is that it is a form of forced savings. With each mortgage payment, the homeowner is building equity and investing in their future.

Which of the Following Is a Benefit of Buying a Home