I am thinking about buying a house. What are the tax implications of buying a house versus renting?
Buying a house has several potential tax implications compared to renting. When you buy a house, you may be subject to capital gains taxes depending on how long you have owned it and any other applicable rules. Additionally, you may also be liable for property taxes that vary by location and property value. On the other hand, if you rent an apartment or home, you will not likely incur these taxes. You should consult with a qualified tax advisor to understand all your tax liabilities when buying a house versus renting.