Did You Know???

Did you know that the moment you purchase a home, you can go to your Human Resources department of your company, update your W2 / tax information and actually get money put back in your pocket each month from owning a home?

This can reduce a $2,000/month mortgage on a $300K home down to something like $1650-$1700, so now you CAN afford that $300K home you never thought you could.

This is very helpful information with my clients that think they can't afford anything more than $200K. The fact is the median price for homes in Austin are at least $250K

Federal Income Tax

When income tax time comes, you will enjoy a reward for sticking to your homeownership goals. You can subtract the interest you pay on your mortgage loan and your property taxes — two of the major expenses associated with home ownership — from your total income. These deductions reduce the federal (and in most cases state) income taxes you owe, saving you thousands of dollars.

For more information, consult a professional tax advisor or the IRS hotline at (800) 829-1040. Many communities offer free tax preparation assistance from Volunteer Income Tax Assistance (VITA) volunteers from January to April 15. Details are available from the IRS hotline.

Information provided by: http://keystomyhome.org/manage/tax/index.asp

#buyers #taxes