Have you considered the tax savings if you get an opportunity to negotiate and close on your new home before the end of the year?
Purchasing a home before December 31st means that you can benefit from significant deductions on your income tax return for property taxes, points on your
loan and mortgage interest. Don’t forget to check with your accountant and the IRS for deductions that are applicable to your personal circumstances. You might also qualify to deduct the interest costs associated with a home equity loan.
Keep in mind that many sellers may also want to enjoy tax savings on the next home they want to purchase …or they may be anxious to save on capital gains. This may give you more leverage during negotiations since they may be willing to accept lower than their listing price. Discuss your options with your REALTOR®. It’s all about timing. ‘You Never Know’. Don’t be afraid to ‘take a look’ and “make an offer’. REALTOR® gramEpat
Purchasing a home before December 31st means that you can benefit from significant deductions on your income tax return for property taxes, points on your
loan and mortgage interest. Don’t forget to check with your accountant and the IRS for deductions that are applicable to your personal circumstances. You might also qualify to deduct the interest costs associated with a home equity loan.Keep in mind that many sellers may also want to enjoy tax savings on the next home they want to purchase …or they may be anxious to save on capital gains. This may give you more leverage during negotiations since they may be willing to accept lower than their listing price. Discuss your options with your REALTOR®. It’s all about timing. ‘You Never Know’. Don’t be afraid to ‘take a look’ and “make an offer’. REALTOR® gramEpat
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