Quote:
Originally Posted by Biggd
I'm sorry but I would have to disagree. You did reduce your overall tax bill by deducting your property taxes.
In my 50 years of property ownership and investment I have only lost money on 2 pieces of property and I'm still collecting money in retirement. Of course a lot depends on when you buy and when you sell. Just like any investment, buy low and sell high.
There is a difference in mindset between a real estate investor and just a home owner. Most home owners spend way more on a property than it will ever be worth. Investors will only spend up to the value of the neighborhood.
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True BUT deducting your property taxes only means you're not paying income tax on the money used to pay for property taxes.