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Tax Considerations >Tax Reform
Owning a home still offers significant tax benefits. If you are renting, it may be a good time to sit down with a professional real estate agent to see how much you can save each year by owning your own home.
You save in two ways when you purchase a home. Even though most interest deductions have been phased out, home mortgage interest and state and local property taxes can be deducted. The interest on a home equity loan may also be deductible.
Your real estate agent can show you how these savings will apply in your situation. You may be pleasantly surprised when you compare the tax savings you will receive as a result of owning your home, and you will build up equity as your home appreciates in value! Also, first-time buyers will see expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, allowing penalty-free withdrawals to purchase a home in the Taxpayer Relief Act passed in August, 1997. Consult your tax advisor for your particular circumstance.
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What is the role of the U.S. Housing Authority?
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| A |
Created in 1937 by FDR, the U.S. Housing Authority provides construction loans to small communities and states. |
 See More Real Estate Trivia > |
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Nancy Reardon
Prudential CT Realty
9R Hartford Avenue
Granby, CT 06035
Office: 860-836-7506
nancyreardon@NUMBER1EXPERT.com
You can depend on my knowledge & experience in selling real estate for 24
years! Whether buying or selling, I will guide you through the entire
process from start to finish & beyond the closing! I have built my network
base by creating a life long commitment to my clients. Begin today by making
the right move, Call Nancy Reardon.
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