First of all, property ownership grants the owner increased financial benefits that could not be attained otherwise. The Internal Revenue Service offers home buyers to receive many different tax breaks during the purchase of a house. Real estate taxes, which are charged annually on the value of real property, can be deducted if all real property in the community has a like rate (Internal Revenue Service). The portion of mortgage payment that covers interest on the loan may also be used as a deduction during tax season. An itemized deduction is also allowed for premiums paid for mortgage insurance (Internal Revenue Service). Furthermore, having an open loan account that is paid on time “shows that you can manage and maintain the account responsibly over a period of time” (Templeton). Not only do open accounts help but closed accounts, which have had a good payment history are ...
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...orest out of poverty and into a successful life.
“John Locke – Quotes”. The European Graduate School. European Graduate School EGS, 2014. Web. 24 March 2014.
Noles, et al. “Children’s and Adults’ Intuitions about Who Can Own Things”. Journal of Cognition and Culture, 12 (2012) 265-286. Web. 24 March 2014.
Gelman, et al. “The Nonobvious Basis of Ownership: Preschool Children Trace the History and Value of Owned Objects.” Child Development, 83.5 (2012): 1732-1747. Web. 24 March 2014.
Templeton, Deanna. “How Does Paying Off a Loan Affect Your Credit Score?” Yahoo! Finance. Yahoo, 20 February 2013. Web. 24 March 2014.
“Loan Savings Calculator”. myFico. Fair Isaac Corporation, 2014. Web. 25 March 2014.
“Publication 530”. IRS. Internal Revenue Service, n.d. Web. 25 March 2014.
“Declaration of Independence”. The Charters of Freedom. Web. 26 March 2014.
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