Your clients, Henry and James, are considering buying a home. They have lived in an apartment to save money for two years and want to own their own home. In addition, they are eyeing a possible purchase of a beach house as a rental property within the next five years. They have come to you for advice about the benefits of homeownership.
Choose a topic from the chapter related to homeownership or owning a rental home and expand on the topic by explaining the rules supporting it.
Discuss at least one tax-related advantage of home or rental property ownership that you would share with them.