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Tax Benefits of Owning a Home
Before a home owner curses the troubled housing market, he or she
should take solace in the U.S. tax code, which makes buying a home a
good deal for almost everyone.

Here's why: Mortgage interest deductions, including in some cases mortgage insurance premiums, reduce home owners' tax liability by reducing income. The deduction includes interest paid on both a first and a second home.

Interest on home equity loans is also deductible - whether the borrower uses the money to remodel the kitchen or to take a vacation to Disney World.

Profits from selling a house are potentially a huge windfall. When a home owner sells a primary residence, any profit on the sale of the property is tax free up to $250,000 for single home owners and $500,000 for married home owners filing. Any profit above that is nearly always a long-term capital gain taxed at 15 percent - less if the seller's tax rate is less than 20 percent.

Home owners can itemize. That opens up opportunities to deduct a host of other items that wouldn't be deductible if the taxpayer took the standard deduction.
Source: The Boston Globe, Leonard Wiener (03/02/08)

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Rentals/Property Management
View Currently Available Rental Homes
or call 575-854-2240 for more details.

Storage Units Available
Broaddus Storage LLC managed by Old Westland Realty
Conveniently located 0.7 miles S. of Magdalena on Hwy 107
Call 575-854-2240
or download the current price list