Clifton Park and Albany NY Homes for Sale: May I offer you some shelter?

May I offer you some shelter?  Not from the elements but from The Tax Man!!!

Home-ownership in Clifton Park, NY is one of the best tax advantages you can provide to yourself and your family.  Listed below are a few of the ways that buying a home can help you minimize your tax liability.  Please be sure to consult your tax adviser for all the details on these items.

1) Real estate and property taxes may be deducted from your income, lowering your tax bracket and tax liability.

2) Mortgage interest paid to your lender may be an itemized deduction on your taxes as well.  This is a significant item in the early stages of your mortgage since the vast majority of your payment is to interest not principal.

3) Pre-paids and closing costs.  There are a number of closing costs (e.g. transfer tax, points, pre-paid property taxes) that may also be deducted from your taxes when filing your return.

4) In many cases, when you sell your Clifton Park home you will not be required to pay Capital Gains taxes.

5)  If you work from your Clifton Park home you may be able to write off some of the costs associated with this office.

6) If you find a new job and the distance is greater than 50 miles, you may be able to write off the cost of the move.

Again, this is a cursory look at some of the tax advantages to home-ownership.  Please seek the advice of a tax professional to clarify the contents of this information and to see if you qualify.

If you have any questions about the Clifton Park real estate market, please feel free to call me anytime (518)281-3951 or visit my Web site at www.LewisB.com.

Thank you.