Real Estate/Tax FYI

[Lick]

It is near that time of the year fam... So here is some shit to think about;

As a homeowner you enjoy many financial advantages. These include significant tax benefits that reduce the overall cost of owning a home. The truth is the after-tax cost of home ownership is often lower than renting. So here are the basics everyone should know.
Interest Payments
Up to 100% of the interest you pay on your mortgage or home equity may be tax deductible. This includes ReFi’s & any prepayment penalties. This is especially true in the early years of a home loan when most of your monthly payments are applied to interest.
Closing Costs
A good number of the closing costs associated with buying a home may be tax deductible. For instance, you may be able to deduct the real estate agent's commission, attorney's fees, surveys, title searches, and transfer taxes.
Discount Points
Sometimes when you buy a home, you might pay points — also called discount points — to the lender. A home loan may include one to three points, which are considered pre-payment of the interest on your mortgage. You may be able to deduct all of the points from your taxes in the year you paid them, or you may have to deduct them over the life of the loan.
Property Taxes
Any property taxes you are paying on your first or second home may be tax deductible.
Home Office
If you have a home office for your business, you may take advantage of home office tax deductions. This may include part of your utility bills or the cost of repairs.
Home Equity Loan to Pay Your Taxes
Short on money at tax time? If you own your own home, you may be able to use your home's equity to pay off your taxes. Interest rates may be lower than credit cards or personal loans. And, regardless of how you use the money, the interest may be up to 100% tax deductible on the following year's taxes.
Be aware that the amount of your adjusted gross income can affect your ability to claim certain deductions, so with all things about finances, speak with your CPA or tax advisor to explain this in more detail before doing anything.
Stay up Yall!

 

[afroyale]

This is the wrong time to tout the advantages RE, especially if purchased with those shitty exotic loans within the past 4 years.

 

[Lick]

This is the wrong time to tout the advantages RE, especially if purchased with those shitty exotic loans within the past 4 years.

LMBFAO!!!!!!!!!!!!!!!!!
Man… You remind me of a gofer or Rev. Jessie Jackson or something along the line of a lackey!

You should seek help and try changing you life for the better. After all, that is what this side of the board is all about. We are here to share information, have a discussion, agree or disagree on what ever the subject may be. However, you only offer put downs and negative comments like crabs in a bucket.

I can only offer you this brother; if you don’t like your life only you can change it. When you look into the mirror, it is your image that you see and at the end of the day it will be you responsible for your failures or success… NO ONE ELSE! If you are stuck in the rat race with your job living a life of short comings, settling for what you can or cannot afford in life with debt up to you eyelids trying to look good don’t hate me for going after more. I am living my dreams and making them better each day. Be a real brother and try not to be a dream buster to another brother on this board that may be trying to change their life.

It is bad enough that the rest of the World seems to be against a brother… It is even worst when we get it from one of our own.
You try to stay up!

 

[Imhotep]

Co-sign

Fools like this are a penny a dozen..............................................