Tax Tips for Homeowners

Tax Tips for Homeowners

Even if you’re having a professional help you with your income tax return, you need to provide them with information on the money you spent that might be deductible.  Look at the following list to see if any of these things need a little more investigation to determine if they apply to your situation. If you refinanced your home for the second or subsequent time in 2014, there may be points that can be taken as an interest charge. Compare...

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Shop Your Loan

Shop Your Loan

Over 50% of homebuyers don’t shop to find the best interest rate for their mortgage.  While a buyer would rarely purchase the first home they look at, they will accept the rate and terms offered by only one lender. While the borrower and the property affect the rate and terms that a lender may offer, it is not to be said that all lenders will offer the same terms and rates to the same buyer.  Credit score, home location, home price and loan...

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Tax Benefits of Home Ownership

Tax Benefits of Home Ownership

There are many reasons for wanting to have a home of your own like a place to raise your family, share with friends and feel safe and secure.  While investment opportunities rank high for most people based on the fact that homeowners’ net worth is over forty times higher than that of renters, so do the tax benefits that reduce tax liability. Taxpayers who have owned and used a home for at least two out of the last five years, can exclude a...

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Investment Analysis

Investment Analysis

Appreciation and tax savings are legitimate contributors to an overall rate of return on rental real estate but what if you didn’t consider them at all.  If you only looked at one or two, very conservative measurements, you might decide to invest especially knowing that there are more benefits that will accrue to your investment. If we bought a property for cash, collected the rent and paid the expenses, the amount left would be called Net...

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Be a Good Neighbor

Be a Good Neighbor

A good neighbor might be characterized as someone who’ll look after your home when you’re out of town by picking up your mail and watering your plants.  You’d most likely reciprocate for anyone who’d be so generous toward you. In some cases, you might only be able to name one or two of your neighbors who would step up to that level of service.   Wouldn’t it be nice if more people on your street would be happy to make that offer? The...

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Saving money by accelerating your loan

Saving money by accelerating your loan

If you invest in a savings account, you’ll make less than 1% and would have to pay income tax on the earnings. On the other hand, contribute something extra to your house payment and you’ll earn at the mortgage interest rate which is certain to be more than you are earning in the bank. Making additional principal contributions on your mortgage will save interest, build equity and shorten the term. An extra $100 a month in the example shown...

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