Tax Deductions – Rental Savings

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!