When scanning the residential real estate listings, keep in mind the financial benefits of home ownership. Aside from building equity, there are many tax advantages to homeownership. For example, when considering real estate for sale, keep in mind that most or all (depending on your income level) of the points you pay at closing are deductible on your federal income tax return. Local property taxes and mortgage interest are also deductible. For more information on the tax benefits of homeownership, visit the IRS Web site and search on "home owner deductions." Search results will include a list of publications you can read online or download and print out to read later. One thing's for sure. If you are a first-time home buyer or seller, use the services of a tax professional to make sure you get all the tax benefits to which you are entitled.
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|Jennifer Mathes, Ph.D.|