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.
Do These Real Estate Tips Really Apply to YOU?
We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.
It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.
Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
The Rob Ellerman Team
Reece and Nichols Realtors
1153 Northeast Rice Road
Lees Summit, MO. 64086
Let me give you a brief overview of what I believe makes a great agent. Most agents continue to do things that were being done years ago to sell real estate.
If you are looking to buy or sell and you have internet access and would like to use it during your home buying or home selling process, please shoot us an email and let’s chat for a few minutes. My goal is not to brag about my status in the company and how much I sell, it’s to make your next move as fun and painless as possible. Top agent status always seems to follow. I look forward to hearing from you.
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