It is sometime difficult to get through to homebuyers the benefits of being able to lower their taxable income by writing off their interest expense and property taxes when owning a home. I try to stress this every time I meet with them. It is normal for a buyer to compare their current rental payment to the projected PITI mortgage payment on a home they love. Often when I speak of the tax savings I get the impression that buyers are viewing this as funny money. Getting your buyers to understand how this works may mean the difference between getting a home they love and accepting something less. Most renters if they are lucky get tax refunds. They need to understand that with the advice of a tax pro, they can adjust the deductions they claim on their w-4 form at work and receive more take home pay. This can narrow the difference between their current rent and what the payment would be on a home they really love.
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