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Real Estate Tips
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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Real Estate Trivia
Q 
What recent hit movie features a field trip scene that supposedly takes place at Columbia University in New York?
A 
The scene in the movie "Spider-Man", where Peter Parker shoots photos of Mary Jane and is bitten by the spider, was actually filmed in the Museum of Natural History in Los Angeles, California.
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Mernin Associates, REALTOR®, real estate agents and broker for Reston, Ashburn and Vienna, Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

JC Mernin, Jr.
Long and Foster Herdon/Reston Sales
150 Eldon Street
Herndon, VA. 20170
JC: 703-216-9669
Fax: 703-904-7201
Email: BrianandJC@NUMBER1EXPERT.com

JC: Serving My Clients with tenacity and innovative thinking.


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