Well, it's that time of the year again. Time to pay Uncle Sam his due, and resolve to plan better this year to avoid paying so much in taxes next year!
Are you currently renting instead of owning a home? You may want to consult with your tax professional to see if buying a home and getting credit for the mortgage interest would be financially beneficial to you.
There is a long-standing debate among the experts as to whether renting or buying is best. As always, your situation is unique, so you should always consult an appropriate advisor - in this case, your tax professional - to see what is best for you.
Normally, you will build equity in your home. Equity is the difference in the amount you owe and the current appraised value. As you pay the balance down, your equity builds. You can then use the equity to get an equity line of credit and use that to pay off the credit cards, because the interest paid on home equity loans is tax deductible, but the interest paid on credit cards is not.
Real estate property taxes paid on your primary home and a vacation home are deductible, as well as interest on the mortgage loan. You may also deduct loan origination charges for the tax year in which you purchase your home.
Tax credits aside, you will not have to check with the landlord everytime you want to paint or make other changes - you own it!
At Todays Realty Group and Loan Solutions, not only can we help you find your home, we can also help you find affordable financing! Contact us today online at lendingandhome.com or call (760) 408-2260. At Todays Realty and Loan Solutions, one stop and YOU are home!
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