Buying a Home 

 

 Live the American Dream of Home ownership, today. 

 

 

Heat and Cool

Home prices at an all time low.  Interests rates at an all time low and now is the perfect time to buy.

With home prices the lowest  they've been in years, you can now do your part to stimulate the economy by becoming a home owner. 

 

Tax Benefits of Owning a Home 
Before a home owner curses the troubled housing market, he or she should take solace in the U.S. tax code, which makes buying a home a good deal for almost everyone.

Here’s why:

Mortgage interest deductions, including in some cases mortgage insurance premiums, reduce home owners’ tax liability by reducing income. The deduction includes interest paid on both a first and a second home. 

Interest on home equity loans is also deductible  whether the borrower uses the money to remodel the kitchen or to take a vacation to Disney World.

Profits from selling a house are potentially a huge windfall. When a home owner sells a primary residence, any profit on the sale of the property is tax free up to $250,000 for single home owners and $500,000 for married home owners filing. Any profit above that is nearly always a long-term capital gain taxed at 15 percent  less if the seller’s tax rate is less than 20 percent.

Home owners can itemize. That opens up opportunities to deduct a host of other items that wouldn’t be deductible if the taxpayer took the standard deduction.

Source: The Boston Globe, Leonard Wiener (03/02/08)

  

  Mortgage Calculator

 

Click below for mortgage application. 

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If you need an agent to assist you in buying your home, please e-mail Fortyacresdvlp@aol.com.

 or  call  732-298 7086

 

* Disclaimer – The information derived from the Forty Acres Development Site is for informational purposes only and is deemed reliable but not guaranteed, as any and all information is subject to change at any time.  This information is not a substitute for legal advise.  When accounting or legal advise is necessary, please seek a professional accountant or attorney. 

 

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