Sage Realty Announces Tax Incentives for Buying Main Line Homes for Sale This Year
Wayne, PA – March 31, 2017 – Sage Realty, who has helped home buyers realize their goals, has announced that despite the mortgage interest deduction cut, six other home buying tax incentives have kept the American dream of homeownership alive.
Many have speculated that the loss of the deduction could reduce incentive for buyers. However, owning a home is a major accomplishment viewed by many as part of the American dream, and other incentives do exist. Tax incentives help make owning a home more affordable for some families. Sage lists four other tax incentives buyers should ask their tax advisors about for buying Main Line homes for sale.
- Prepaid Interest Deduction – Prepaid interest, often referred to as points, may also be 100% deductible in the year it was paid.
- Property Tax Deduction – Property taxes are another deduction homeowners can claim, either the taxes paid at closing or through your escrow account.
- Private Mortgage & FHA Mortgage Insurance Premiums– In the event you had to take out private mortgage insurance (PMI), the premiums may be tax deductible.
- Vacation Home Tax Credit – Depending on several factors, interest rates and other costs of vacation homes may also allow a nice deduction in tax obligation.
The biggest hurdle facing many potential home buyers is saving for the down payment. Many believe they are required to have 20% of the home’s price as down payment. While a 20% down payment may release home buyers from having to also buy a PMI policy, some lenders are willing to accept a lower down payment depending on each person’s circumstances.
To learn more about the benefits of buying Main Line homes for sale, please contact the team at Sage Realty directly.
37 West Avenue, Suite 103
Wayne, PA 19087
For more information, please visit: https://www.findahomeinpa.com/
Tags: Main Line Homes for Sale