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Owning vs. Renting

The PICPA• Pennsylvania Institute of Certified Public

Accountants• PICPA is a professional association of more

than 20,000 CPAs working together to improve the profession and serve the public interest.

Owning vs. Renting

HomeIn most cases it’s better to own a home.Benefits of ownership:• Tax benefits• Equity• Stability• Borrowing power

Owning vs. Renting

HomeTax Benefits• Exclusion of capital gain when your house is

sold • Deducting points and closing costs • Home improvements, repairs, and real estate

taxes• Mortgage Interest

Owning vs. Renting

HomeEquity:The portion of property that's actually owned, or equity, also rises over time.

Owning vs. Renting

HomeStability:Know what you’ll owe in years to come.

Owning vs. Renting

HomeBorrowing power:Borrow against your home.

Owning vs. Renting

HomeBenefits of Renting:• Flexibility• Cost• Maintenance

Owning vs. Renting

HomeFlexibility:Pick up and move almost whenever you want!

Owning vs. Renting

HomeCost:Cheaper than owning a home.

Owning vs. Renting

HomeMaintenance:Someone else does your repair work!

Owning vs. Renting

CarBuying or leasing depends on your situation and other options:• How long will you keep the car?• How much do you drive?• How do you treat your car?

Owning vs. Renting

Questions?