13
Dec
By Adrian Willanger
Taxes, ,

How to Buy a Home if You Owe Taxes

If you're considering buying a home while dealing with unpaid taxes, you might be wondering how your tax debt affects your mortgage approval. The good news is, it is possible to buy a home even if you owe taxes. Here’s what you need to know about how owing taxes can impact your homebuying process. How Owing the IRS Affects Buying a Home You might not need to wait until your tax debt is completely paid off to apply for a mortgage. It’s important to speak with a loan officer who can guide you through your options based on your specific…
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05
Dec
By Adrian Willanger
Taxes, ,

Tax Benefits and Deductions for Homeowners

Owning a home isn’t just a significant milestone—it can also bring a variety of financial perks, especially when it comes to taxes. Many homeowners are eligible for tax deductions and credits that can make a big difference when filing their taxes. These benefits can help reduce your taxable income, saving you money. Here’s a breakdown of the tax advantages that come with homeownership. 1. Mortgage Interest Deduction One of the most significant tax benefits of homeownership is the mortgage interest deduction. Homeowners can deduct the interest paid on their mortgage for their primary residence (and sometimes a second home) from…
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28
Aug
By Adrian Willanger
Taxes, ,

Understanding the Tax Implications and Financial Benefits of Homeownership

Taxes & Homeownership This year is flying by as we head into fall. Many times homeowners wait until the last minute to research taxes and deductions. As tax season is soon approaching, it's important for homeowners to understand the various forms and documents that influence their financial obligations. One key document is the IRS Form 1098, Mortgage Interest Statement. We will explain what the 1098 form is, its significance for tax filing, and how owning a home can potentially benefit you financially during tax season. What Is a 1098 Form? The IRS Form 1098 is a document provided by mortgage…
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25
Jan
By Adrian Willanger
Taxes, ,

How to Evaluate Property Taxes and What You Need to Know Before You Buy

Retirement is a significant milestone in one's life, symbolizing the culmination of years of hard work and dedication. As individuals approach this stage, meticulous planning becomes imperative to ensure a comfortable and financially secure future. Among the plethora of retirement planning options, real estate emerges as a challenging player, offering unique advantages that can enhance the overall strategy. Let’s discuss the pivotal role that real estate plays in retirement planning and why it deserves a prominent place in your financial portfolio. Building Equity for the Future: One of the fundamental advantages of investing in real estate is the potential for…
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25
Mar
By Jim Hasek
Taxes, ,

Tax Deductions Homeowners Can Claim During Tax Season

Even though owning a home comes with some significant expenses, some of them are tax-deductible. With many people looking for ways to lower their income tax, there are a few expenses tied to the house that every homeowner should consider. This could make a significant difference in their final tax bills, and it could lead to a large tax refund. Home Repair Costs There are a lot of people who need to make repairs to their houses during the course of the year. In particular, if you have recently purchased a house, you may need to do a bunch of…
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09
Jun
By Jim Hasek
Taxes, ,

How Much Will Your Child Tax Credit Be?

There are millions of homeowners that are parents waiting for their advance child tax credits to arrive; however, they might not be sure exactly how much money they are going to get. This makes it difficult to set a budget. Some parents could expect to receive $300 per month between now and December. The rest of the credit should arrive after filing their tax returns next year. How much will parents receive? The Process Of Calculating A Child Tax Credit Because of recent changes in federal tax laws, the expanded child tax credit has increased the limit from $2,000 (the…
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