The Most Overlooked Homeowner Tax Breaks

Regardless of the current state of our economy and the housing market, buying a home is still a great investment. However, the resulting taxes that accompany owning a home can lead to confusion and uncertainty.

In most cases, you need to itemize your taxes in order to take advantage of all the tax breaks that accompany home ownership. This might seem overwhelming, but the benefits of completing this process make up for the inconvenience.

Homeowner Tax Breaks:

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TAX BENEFITS OF OWNING RENTAL PROPERTY

The tax benefits of buying a home versus renting |Patchogue|Medford|Homes for sale|LI Real Estate| www.ErwinGiron.com by ErwinGironTax Benefits Of Owning Rental Property.  Rental property deductions are too significant to ignore.  They are both numerous and substantial.

Bottom line, when it comes to federal tax deductions, “Residential Investment Property” provides a significant tax shelter.  This is evident if you own one or many rental properties. Read the rest of this entry »

QUALIFYING FOR A NEW MORTGAGE WHEN INCOME IS FREELANCE

Qualifying For A Mortgage When Income Is Freelance
After the financial market downturn in 2008, getting approved for a mortgage loan became even more difficult.  Combine that with the fledgling economy, which left many people turning to freelance work, and the challenges involved in qualifying for a home mortgage increase exponentially.  However, with a little extra work, home buyers using freelance work as proof of income still can qualify for a new loan.

Making sense of the story

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HOW TO CHOOSE A HOME

How to Choose a Home.

This process can be confusing, if you let it.  You should approach this process systematically.

Here are some tips to help determine which house is best for you.

Once you’ve settled on a couple of preferred neighborhoods for your home search, it’s time to pick out a few homes to view. Having a house features “wish list” keeps you focused on which features are most important to you.

When narrowing down your home search, consider the following:

  • know what types of home you want to buy
  • determine what age and condition of the house you want to buy
  • consider resale potential
  • consider rental potential, for investors
  • use a features wish list to keep focused
  • use a home search comparison chart to keep organized
  • act decisively when you find the right home

Click HERE for me information on “How To Choose A Home.”

ELIZABETH TAYLOR’S LA HOME IS FOR SALE

Elizabeth Taylor’s LA Home is for Sale

For a mere $8,600,000 you can claim this Bel Air estate.

This impressive 7,000-square-foot house was once owned by Nancy Sinatra Sr. (Frank Sinatra’s daughter). Built in 1960s, the ranch is private, surrounded by mature foliage, and located at the end of a long driveway and gated entrance.

For further details please click HERE.

FORECLOSURES FOR INVESTORS – 10% DOWN

Foreclosures for Investors – 10% down

For those of you who are unaware, these amazing deals are available through HomePath, a Fannie Mae operation.

Following are the details:

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WHERE SHOULD I INVEST IN RESIDENTIAL REAL ESTATE?

Where should I invest in Residential Real Estate?

In doing my research into this question I have found multiple so-called experts sharing their “best” and “worst” lists…..and of course, none of them are in sync with the other.  They all share statistics which, supposedly, prove their points, which is why I do not provide their statistics. I think most of you have heard the quote, “There are lies, there are damn lies, and there are statistics.” Statistics can be manipulated so that the point of the author is proven.  Among the sources I have found are Zillow, San Francisco Chronicle, CNN Money, and many others.  Now, let me be clear, I am not saying that these sources are liars and manipulators; all I am saying is that they interpret the statistics differently, and some may have a point to prove…….maybe.

Here are the lists (I have purposely not indicated which list is from which source)…….

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