Another reason it is a great time to BUY is because of long-term investment opportunities. Make sure to ASK your accountant about the tax advantages below, to see if they apply to your situation.
****Ask About Mortgage Interest Payments: If you own your primary residence your mortgage interest should be a deduction.
****Ask About Mortgage Insurance Payments: Mortgage insurance deductions can be taken for an additional 3 years, thanks to our Congressional Men and Women.
****Ask About Points: The points that you pay to your lender when you purchase a home may be deductible. In addition, points that are paid by the seller for the buyer may be a deduction as well. Of course, this prepayment of interest must meet certain basic requirements.
****Ask About Property Taxes: Annual taxes that are based on your homes assessed value may lead to another substantial deduction.
****Ask About Home Equity: The amount you pay in interest on your home equity loan, might entitle you to other tax benefits that aren’t available by other credit sources.