OH NO, IT’S THAT DAY (APRIL 15TH)!
Oh no, it’s that day! The day that our Uncle Sam has both hands snugly down our pants. More then ever it is important that you know how Real Estate and taxes or tax exemptions affect you. First let me remind you of the Capital gains exclusion of $250,000.00 to $500,000.00 profit on sale of your principal residence if owned and occupied at least two of the last five years. Also if you are buying a home keep in mind a first time home owner may make penalty-free withdrawals from an individual retirement account (IRA) for a down payment on a home within certain limits. Tax considerations may be an important part of any decision to purchase a home. In an effort to encourage home ownership the fed allows homeowners tax deductions such as deducting the interest paid on your mortgage, Real Estate taxes, and more. I’m not a tax expert so I advise you to speak to one. When you add up the deductions you may be surprised about how affordable owning is over renting. Before you vote in November you may want to find out how your candidate feels about tax breaks and tax cuts. I’m not looking forward to seeing what any of these clowns are going to do no matter who is elected. Here is wishing you all the home of your dreams and tax breaks that keep you billfold full in the coming years.
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