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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. See All Tips In The "Tax Considerations" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What are three of the best indicators of real estate market trends? A  Existing home sales, new home building and mortgage interest rates. See More Real Estate Trivia >

Susan and David Holden Broker/Owners RE/MAX Preferred 1668 Windham Way - Lakepointe Centre O'Fallon, IL 62269 Susan Mobile: 618-531-4926 David Mobile: 618-531-4887 DavidHolden@remax.net SusanHolden@remax.net Thank you for visiting us at www.ofallonrealestate.com we look forward to assisting you in your home buying or selling needs. We believe in a "hands on" approach to Real Estate, this is why you will deal only with us during your transaction. This allows us to manage all aspects and react to changes quickly. Please do not hesitate to contact us for more details www.OFallonRealEstate.com is brought to you by Susan and David Holden, real estate for O'Fallon, Scott Air Force Base and Belleville, Illinois Read Susan and David Holden's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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