Posted on December 26, 2014, by Inga
A home is an investment. When you rent, you write your monthly check and that money is gone forever. Putting your money to work for you, versus paying off someone else’s mortgage. When you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are. In addition, if you live in NY, you may qualify for STAR *Exemption, which depends on your income!
*Basic STAR is available to anyone who owns the property and lives in it as their primary residence and whose adjusted gross income for all owners and their spouses is less than $500,000. All you have to do to fill up the application. The deadline for filing new and renewal exemption applications is May 1 of each year. To find the link go to my website page with important links: http://www.westchesterhomesbyinga.com/cp/important-links/
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Updated April 1, 2017