Loan discount points and origination fees are tax deductible to a home buyer.
Real estate taxes paid on the residence are tax deductible.
You can deduct mortgage interest on your tax return. In the early years of a mortgage, most of your monthly payment is interest, so this can be significant. If a taxpayer is in the 28% tax bracket, this can have the effect of lowering the cost of borrowing by almost one third.
Interest paid on an additional $100,000 home equity loan is tax deductible. Many homeowners use equity loans to absorb high interest, non-deductible credit card debt.
When you sell your principal residence, and you have owned and occupied this residence for at least 2 of the last five years, you can exclude up to $250,000 ($500,000 if married) gains from taxes. This can be done as often as every two years.
Real estate taxes paid on the residence are tax deductible.
You can deduct mortgage interest on your tax return. In the early years of a mortgage, most of your monthly payment is interest, so this can be significant. If a taxpayer is in the 28% tax bracket, this can have the effect of lowering the cost of borrowing by almost one third.
Interest paid on an additional $100,000 home equity loan is tax deductible. Many homeowners use equity loans to absorb high interest, non-deductible credit card debt.
When you sell your principal residence, and you have owned and occupied this residence for at least 2 of the last five years, you can exclude up to $250,000 ($500,000 if married) gains from taxes. This can be done as often as every two years.
Dan Rich
Vesey & Company, P.C.
185 Centre Street, Suite 103
Danvers, MA 01923
978-774-3000 ph
978-774-8170 fx
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