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Tax Considerations >Tax Reform
Owning a home still offers significant tax benefits. If you are renting, it may be a good time to sit down with a professional real estate agent to see how much you can save each year by owning your own home.
You save in two ways when you purchase a home. Even though most interest deductions have been phased out, home mortgage interest and state and local property taxes can be deducted. The interest on a home equity loan may also be deductible.
Your real estate agent can show you how these savings will apply in your situation. You may be pleasantly surprised when you compare the tax savings you will receive as a result of owning your home, and you will build up equity as your home appreciates in value! Also, first-time buyers will see expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, allowing penalty-free withdrawals to purchase a home in the Taxpayer Relief Act passed in August, 1997. Consult your tax advisor for your particular circumstance.
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The Cindy Knows Indy Team Keller Williams Realty 11711 N. Meridian Suite 100 Carmel, IN 46032 Phone: 317-846-6553 Fax: 317-846-5959 Cell: 317-370-3730 Cindy's Email: Cindy@CindyKnowsIndy.com Jennifer's Email: Jennifer@CindyKnowsIndy.com
The Cindy Knows Indy Team is a team of full-time real estate professionals who's only focus is to ensure client satisfaction with prompt and personal & professional attention. We have extensive experience in workig with sellers and buyers within the ENTIRE Indianapolis and surrounding areas.    
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