The DilemmaOne of the most popular objections of my friends and other millennials about purchasing a home is they can't afford it. These days with all the assistance available for home buyers, money
Top 5 Ways To Save Big Money At Tax Time.
HERE IS A LIST OF SOME ITEMS THAT YOU CAN USE TO ITEMIZE YOUR DEDUCTION ON YOUR TAXES
*You may deduct doctors, dental, and optical bills that you have paid out of pocket. You can also keep tract of your medical miles back and forth from you home to you doctor's. All medical expenses are subjected to 7.5% of your adjusted gross income.
You can keep tract of your medical expenses. Some times they may not help you on your federal return but they might help on your state return.
*Real estate taxes paid.
*Premium mortgage insurance paid.
*If you made contributions to any charities, this can be deducted. If you donated any clothing to Goodwill, or amvets you can that the fair market value of the items as a deduction.
* Business expenses. If you have to pay for items for work such as union dues, work boots, uniforms. These items may be deducted. Business expenses are subjected to 2% of your adjusted gross income.
Click on this link if you need more information. 1.usa.gov/24DQAM1
Mortgage Interest Credit
The mortgage interest credit is intended to help lower-income individuals own a home. If you qualify, you can take the credit each year for part of the home mortgage interest you pay.
Who qualifies. You may be eligible for the credit if you were issued a qualified Mortgage Credit Certificate (MCC)from your state or local government. Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home.
If you are planning on buying a house in the near future, contact me for more information on how you can qualify for this credit.
Terry is the Principal Broker at Regional Realty. He is a motivated Realtor specializing with investors and new home buyers located in the following areas; Alexandria, Ft. Thomas, Ft. Mitchell, Indepe....