When a new home is purchased many services are involved which can help to stimulate the economy:
- Servicers: Realtors, mortgage banker/brokers, appraisers, home inspectors, deal processors, insurance agents,
- moving companies…
- City Revenue: city tax stamps, real estate taxes …
- Utilities: water, electric, gas …
- Contractors: masons, ironworkers, carpenters, painters, plumbers, electricians, roofers…
- Manufacturers: concrete, drywall, tile, kitchen cabinets, granite, nails, appliances, paint, lumber, fixtures …
As a reward for stimulating the economy, the government will allow a purchaser to claim the following deductions:
- Property Tax Deduction: one can reduce taxable income by the amount of your real estate county taxes per year
- Mortgage Interest Deduction: one can reduce taxable income by 100% of the mortgage interest per year
- Capital Gain Exclusion: If the property purchased serves as ones primary residence for greater than 2 years
- Schedule a one on one appointment today to learn more and get a preview how you qualify for the current tax incentives.
Wow! Rent can add up!
| Rent/Mo | 3 years | 5 years | 10 years | 20 years | 30 years |
|---|---|---|---|---|---|
| $800 | $28,800 | $48,000 | $96,000 | $192,000 | $288,000 |
| $1,000 | $36,000 | $60,000 | $120,000 | $240,000 | $360,000 |
| $1,200 | $43,200 | $72,000 | $144,000 | $288,000 | $432,000 |
| $1,400 | $50,400 | $84,000 | $168,000 | $336,000 | $504,000 |
| $1,600 | $57,600 | $96,000 | $192,000 | $384,000 | $576,000 |
| $1,800 | $64,800 | $108,000 | $216,000 | $432,000 | $648,000 |
