Wayne Allyn Root is a self-made millionaire, TV celebrity and Las Vegas gambling legend. In his 2005 book, Millionaire Republican: Why Rich Republicans Get Rich—and How You Can Too!, he takes issue with Robert Kiyosaki’s best-selling book, Rich Dad, Poor Dad...
“I am a fan of the book and agree with most of Kiyosaki’s advice. But I believe he was wrong about home ownership. He recommends owning income property (rentals) over your principal residence. He considers your home to be a money burner, as opposed to an asset. But he’s dead wrong! In arriving at his conclusion he missed this key point: Financial success (as any Millionaire Republican knows) is not about what you make, it’s about what you keep. Your home is, by far, the single best and biggest tax deduction available.
“The mortgage deduction, property tax deduction, and, if you work at home (which so many Millionaire Republicans do), home office deduction, are all fantastic, legal ways to lower your tax bill. Secondly, the $500,000 tax exemption for married home owners (or $250,000 for singles) is by far the greatest tax deduction in U.S. history. Every American family is allowed to sell his or her principal residence every two years and keep up to a half-million dollars of profit tax free. That tax law alone makes owning your own home one of your best possible investments. But the bonus is you get to live in the house while it reduces your taxes.”
Note: The dollar amounts shown are subject to change.
