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Tax benefits to Durham North Carolina homeowners by Real Estate expert Willie Velez
Tax benefits to Durham North Carolina homeowners by Real Estate expert Willie Velez
| Tax benefits to homeowners |
What tax benefits are there to Durham County area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
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What tax benefits are there to Durham County area homeowners?
| Tax benefits to homeowners |
What tax benefits are there toDurham County area homeowners?
What tax benefits are there toDurham County area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
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Durham homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. Durham homeowners may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan.
To obtain full details about the Durham North Carolina real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Durham North Carolina property So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at 919-641-3911 I can be reached by email at willie.velez@gmail.com.
For a complete detail on everything on Durham North Carolina Real Estate visit: htpp://FavoriteHomeRealty.com
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