Stop Paying Your Landlord's Mortgage! It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You're paying their mortgage when you could be building equity in your own property.
What if I don't have the money to buy a home right now?
There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly.
There are many benefits of home ownership to consider, most of all, tax deductions. Let's take a look at how advantageous this can be as a homeowner:
How much is tax deductible?
Tax deductions vary, but the IRS has laid out solid rules. They also have several tax publications full of helpful information worth taking the time to read. Publication 530, Tax Information for First-Time Homeowners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points.
These publications often refer to local and state guidelines, so you may want to consult a CPA to answer all the questions that arise from reading these materials. Here are a few tips you should know up front:
Real Estate taxes are deductible on a primary residence. Real Estate taxes are paid at settlement or closing, or through an escrow account.
Mortgage interest is deductible on a loan to purchase, build or improve your home. Your lender will provide you with a Mortgage Interest Statement (Form 1098) to list the total interest paid during the year. This should include any deductible points paid for that year.
Pre-paid interest is deductible in the year it is paid. At the close of a real estate transaction, borrowers usually pay for the interest on their loan that falls between the closing period and the first of the next month. Mortgage payments are made "in arrears" so when a loan is closed mid-month, there is interest due to the new lender which must be paid in advance.
If you are building a home, the interest on the construction loan is deductible. The construction period cannot exceed 24 months prior to the date that you move in if you claim this as your primary residence.
Best regards,
Chun Liu
DRE lic #01228805
Keller Williams Coastal Properties
(562)961-1409 direct
Newest list of properties with special conditions
Hello Whittier and Bellflower and Downey and Norwalk property seekers, Please find the newest special conditions listings that just came up within a few hours of this post. This list may include short sales, probates, relocations, notice of default, auction, etc. properties which includes but not limited to single family residence / home(SFR)or condominium (condo) or possibly own your own apartment or cooperatives (coop) or loft listings . Should you find them to be of interest, please hurry and don't hesitate to contact Chun Liu and Team WOWWHEE.com for further information and details. Thank you. Best, Chun Liu, Real Estate Consultant for life! Team WOWWHEE.com at Keller Williams Coastal Properties (562)961-1409 direct realtoromy@aol.com www.WOWWHEE.com Click on the link below to open your web browser and see the properties that your Realtor agent has sent to you. Client Brief No Address The links with this email will expire 30 days from 3/12/2012. Regards, Chun Liu, Real estate consultant for life DRE lic#01228805 Please refer me to anyone you know that is discussing real estate! Team WOWWHEE.com at Keller Williams Coastal Properties (562)961-1409 direct www.WOWWHEE.com
Newest bank owned repo (REO) listings that came up just hours ago
Hello Whittier and Bellflower and Downey and Norwalk property seekers, Please find the newest bank owned repo (REO) single family residence / home(SFR)or condominium (condo) or possibly own your own apartment or cooperatives (coop) listings that just came up within a few hours of this post. Should you find them to be of interest, please don't hesitate to contact Chun Liu and Team WOWWHEE.com for further information and details. Thank you. Best, Chun Liu, Real Estate Consultant for life! Team WOWWHEE.com at Keller Williams Coastal Properties (562)961-1409 direct realtoromy@aol.com www.WOWWHEE.com Click on the link below to open your web browser and see the properties that your Realtor agent has sent to you. Client Brief No Address The links with this email will expire 30 days from 3/10/2012. Regards, Chun Liu, Real estate consultant for life DRE lic#01228805 Please refer me to anyone you know that is discussing real estate! Team WOWWHEE.com at Keller Williams Coastal Properties (562)961-1409 direct www.WOWWHEE.com
Newest list of properties with special conditions
Hello Whittier and Bellflower and Downey and Norwalk property seekers, Please find the newest special conditions listings that just came up within a few hours of this post. This list may include short sales, probates, relocations, notice of default, auction, etc. properties which includes but not limited to single family residence / home(SFR)or condominium (condo) or possibly own your own apartment or cooperatives (coop) or loft listings . Should you find them to be of interest, please hurry and don't hesitate to contact Chun Liu and Team WOWWHEE.com for further information and details. Thank you. Best, Chun Liu, Real Estate Consultant for life! Team WOWWHEE.com at Keller Williams Coastal Properties (562)961-1409 direct realtoromy@aol.com www.WOWWHEE.com Click on the link below to open your web browser and see the properties that your Realtor agent has sent to you. Client Brief No Address The links with this email will expire 30 days from 3/10/2012. Regards, Chun Liu, Real estate consultant for life DRE lic#01228805 Please refer me to anyone you know that is discussing real estate! Team WOWWHEE.com at Keller Williams Coastal Properties (562)961-1409 direct www.WOWWHEE.com
Newest bank owned repo (REO) listings that came up just hours ago
Hello Whittier and Bellflower and Downey and Norwalk property seekers, Please find the newest bank owned repo (REO) single family residence / home(SFR)or condominium (condo) or possibly own your own apartment or cooperatives (coop) listings that just came up within a few hours of this post. Should you find them to be of interest, please don't hesitate to contact Chun Liu and Team WOWWHEE.com for further information and details. Thank you. Best, Chun Liu, Real Estate Consultant for life! Team WOWWHEE.com at Keller Williams Coastal Properties (562)961-1409 direct realtoromy@aol.com www.WOWWHEE.com Click on the link below to open your web browser and see the properties that your Realtor agent has sent to you. Client Brief No Address The links with this email will expire 30 days from 3/10/2012. Regards, Chun Liu, Real estate consultant for life DRE lic#01228805 Please refer me to anyone you know that is discussing real estate! Team WOWWHEE.com at Keller Williams Coastal Properties (562)961-1409 direct www.WOWWHEE.com
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