Renters Are Losing Money Each Year
Renters, have you any idea of how much money you are throwing away each year?
If you only knew how much money you will MAKE just by buying a home, you’d be foolish not to buy a home through us! Did you know that in addition to the tax deductions you receive as a home owner that you can get tax money BACK from the Federal Government.
Not only is interest that you pay on your mortgage loan tax-deductible, but the US government is providing a tax CREDIT (not simply a deduction) of up to $7500 for most first time homebuyers. In short, the US Government is bending over backwards to help people become homeowners at a time when there already are real estate bargains everywhere! For a limited time, qualified first-time homebuyers may receive a tax credit up to $7,500 as part of the Housing and Economic Recovery Act of 2008.
If you plan to live in the home as your primary residence and have not owned a home during the past three years, you may qualify for the tax credit. This tax credit must be repaid over a 15-year period. Take your first step by calling us for more information and recommend the best mortgage loan advisors on our team that work with first time home buyers. You may be able to buy your first home sooner than you thought possible.
Just how much money can you gain when you own your own home? As an example, the tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.
Assume
:
$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______
$12,577 = Total deduction
Then, multiply your total deduction by your tax rate.
For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56
$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)
Plus $7,500.00 from the federal government
Equals $11,021.56 in a potential tax refund!
Linda & Terry Iwaniw
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REALTOR Associates
ReSales & Investment Realty, LLC
http://www.sjerseyhomes.com/
Cell: 609-417-1084
Office: 856-795-3111 x262
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