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Consider Your Federal Income Taxes When Buying a Home

Posted By admin on March 9, 2010

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Can you believe that buying a home is a big financial decision?  Can you guess why?  Did you know that the purchase of a home can affect your federal income taxes?  How you ask?  Let’s examine.

In recent years, many mortgage brokers have convinced buyers to commit to large loans with large interest rates.  The mortgage brokers, however, did not discuss the financial burden and/or the federal income tax consequences. 

Misconception about Mortgages

Some buyers came to the mortgage broker asking for or under the misconception that having a higher mortgage interest rate would give them higher write offs on their federal income taxes.  However, many of those same buyers discovered at tax time that due to alternative minimum taxes the write offs were not what they expect and they did not reduce their federal income taxes at all.

Still yet, others did not consider that the pre-approval they received did not account for their utilities, grocery bill, clothing, entertainment, etc. as a result the purchase of their new home became financially overwhelming very quickly.  The reason for this is the pre-qualification only evaluates bills and credit that is reported to the credit bureau.  It does not reflect all of the expenses necessary to operate a home like the utilities, grocery bill, entertainment, etc. 

Consider an Accountant Before Buying Your Home

If you are concerning purchasing a house contact your financial advisor or accountant, then the mortgage broker, then the Realtor to avoid most of the financial mistakes that are plaguing the market right now.  If you already own your home consider contacting a financial advisor or accountant before refinancing your home, as well.

Originally posted 2009-01-17 14:54:56. Republished by Blog Post Promoter


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About the author

admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.

Comments

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    [...] Aneez News Portal wrote an interesting post today onHere’s a quick excerpt Can you believe that buying a home is a big financial decision?  Can you guess why?  Did you know that the purchase of a home can affect your federal income taxes?  How you ask?  Let’s examine. In recent years, many mortgage brokers have convinced buyers to commit to large loans with large interest rates.  The mortgage brokers, however, did not discuss the financial burden and/or the federal income tax consequences.  Some buyers came to the mortgage broker asking for or under the misconceptio [...]


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"Welcome to Taylor-Brown Real Estate Talks"

Taylor-Brown Real Estate Talks' goal is to empower the consumer with education about real estate, insurance, and mortgage trends, news, terms, etc., so that the consumer can achieve financial wealth through listing and selling real estate.


About the author

admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.

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