Homes for sale in North Atlanta

The Many Tax Advantages of Owning Your Own Home

Lucia Brooks — Mon, 12 Dec 2011 21:53:00 GMT

There are so many advantages to purchasing your own home. For instance, it offers the pride of ownership, provides an overall sense of accomplishment, and is a place where you and your family will build many lasting memories. Among others, real estate opens the door to many tax benefits as well. Let’s discover some of the following ways that owning a home/s can help to create a tax shelter.

Mortgage Interest & Points: If mortgage debt is $1,000,000 or less, married couples filing jointly can deduct the full amount of their interest. Otherwise, those filing separately can write off up to $500,000 worth. This also includes second homes or adjacent land to your main residence. Points on either a home purchase or refinance can also be deducted, but these must be amortized for the latter.

Property Tax Deductions: All state and local taxes regardless of how many properties you own can be deducted, up to the alternative minimum tax required by law. Funds that are held in escrow accounts can only be written off once the taxes are paid.

Private Mortgage Insurance (PMI): A portion of PMI can also be deducted if household income is less than $109,000 per year or $54,500 for those filing separately.

Interest On Home Equity Loans: As long as you have the necessary equity in your home to secure the required debt, you can write off the interest on a loan of up to $100,000 for those who are married filing jointly, or $50,000 when submitted separately.

Working From Home: That’s right! Even those who use a portion of their home for work purposes are able to deduct a percentage of the home’s depreciation, utility/maintenance costs and insurance. This is one you definitely want to review with your tax professional to make sure you are getting the maximum available to you.

Home Maintenance Interest: This is a tricky one, as you can write off the interest on any capital improvements made to your home, which will increase value and/or prolong the life of your home. This includes certain types of restorations or additions made to the home with no cap on the investment. However, you will not be able to deduct minor patching or cosmetics made to the home.

Capital Gains/Selling Costs: As long as you have lived in your primary residence for at least 2 of the last 5 years, you are permitted to sell your property for up to $500,000 of profit for married couples filing jointly, or $250,000 for singles with absolutely no tax penalties. However, if you end up selling for an amount above either threshold, you can subtract the amount of closing/selling costs that you incurred from your total gain. Those who fall outside of the 2 out of 5 year limitation may be granted an exception given certain unique circumstances such as health problems, relocating for work or other such occurrences.

Therefore, it pays to consider the benefits of homeownership and to discuss with your tax professional what you may qualify for. Especially for those who are entertaining the thought of buying instead of renting, it is very important to consider the long-term impact that owning real estate can have on your overall financial future. There are advantages whether you are buying for yourself or investing in properties for additional income. Contact us today using our information above to start exploring what options may be available for you.

Call Lucia Brooks at 404-803-0483 to find out how to get qualified and purchase a home of your own so you can benefit from all these great tax advantages yourself.

Price Reduced on 5909 Sycamore Ridge Drive in Richland Creek

Lucia Brooks — Fri, 06 May 2011 17:05:00 GMT

Richland Creek, Sugar Hill - Announcing a price reduction on 5909 Sycamore Ridge Drive, a 1,638 sq. ft., 2 bath, 3 bdrm ranch. Now MLS® $101,700 - $100 Down HUD Home!.

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Single Story For Sale in Village at Albion Farms

Lucia Brooks — Tue, 03 May 2011 16:50:00 GMT

$100 Down

• 1,087 sq. ft., 2 bath, 2 bdrm single story - MLS® - Great starter home!

Village at Albion Farms, Duluth - PERFECT HOME FOR FIRST TIME BUYER OT EMPTY NESTER, GREAT DULUTH NEIGHBORHOOD, CUL-DE-SAC LOT W/ FENCED YARD, HARDWOOD FLOORS, FAMILY ROOM, W/VAULTED CEILING & FIREPLACE, ROOMMATE PLAN W/ 2 MASTER BEDROOMS & FULL BATHS, BREAKFAST AREA, W/ WHITE CABINETS W/GAS STOVE, MICROWAVE, DISHWASHER, FRONT YARD IS MAINTAINED BY HOA.

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2 Story For Sale in Waterford At Richland

Lucia Brooks — Wed, 06 Apr 2011 17:44:00 GMT

Tons of space for the money!

• 2,875 sq. ft., 2 bath, 4 bdrm 2 story - MLS® $168,000 - $100 Down Payment!

Waterford At Richland, Richland - EXCELLENT HOME W/BRICK FRONT, LARGE LEVELED BACKYARD W/HOT TUB, SPACIOUS HOME W/FORMAL LIVING, DINING, FAMILY ROOM W/BRICK FIREPLACE, SUNROOM, BREAKFAST AREA & KITCHEN, HARDWOOD FLOORS IN FOYER & KITCHEN, ALL APPLIANCES INCLUDED, MASTER BEDROOM W/SITTING ROOM, 3 CLOSETS, MASTER BATH W/JACUZZI & DUAL SINKS, LARGE UNFINISHED BONUS ROOM OR STORAGE.

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Price Reduced on 2140 Enclave Mill Drive in The Enclave at Hamilton Mill

Lucia Brooks — Wed, 06 Apr 2011 16:50:00 GMT

The Enclave at Hamilton Mill, Dacula - Announcing a price reduction on 2140 Enclave Mill Drive, a 6 bath, 7 bdrm single story. Now MLS® $539,900 - Gated Community!.

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2 Story For Sale in Park at Cambridge

Lucia Brooks — Wed, 06 Apr 2011 16:38:00 GMT

Excellent Condition, Ready to Go!

• 2,024 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $152,000 - $100 Down

Park at Cambridge, Duluth - EXCELLENT HOME/GREAT SCHOOLS & LOCATION/ CLOSE TO SHOPPING/ CUL-DE-SAC LOT/ FENCED YARD/ OPEN & BRIGHT FLOOR PLAN/ 2 STORY FOYER/ FAMILY ROOM W FIREPLACE/ FORMAL DINING, BREAKFAST AREA/ NICE KITCHEN W STAINED CABINETS & TILE FLOOR/ LARGE MASTER W VAULTED CEILINGS/ MASTER BATH W DUAL SINKS & GARDENTUB/ LARGE WALK IN CLOSET.

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2 Story Split For Sale in Parkview North

Lucia Brooks — Fri, 25 Mar 2011 16:27:00 GMT

Big, clean and ready to go!

• 1,794 sq. ft., 2 bath, 3 bdrm 2 story split - MLS® - $100 Down Payment!

Parkview North, Sugar Hill - GREAT HOME, WALK TO BEAUTIFUL EE ROBINSON PARK SUGAR HILL ELEM, CORNER LOT, FENCED YARD, PARTIAL FINISHED BASEMENT, LARGE FAMILY ROOM, FORMAL DINING ROOM, LARGE MASTER W/3 CLOSETS, MASTER BATH W/DUAL SINKS & GARDEN TUB.

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Single Story For Sale in McKendree Lake

Lucia Brooks — Fri, 25 Mar 2011 16:07:00 GMT

Super value for your dollar!

• 1,376 sq. ft., 2 bath, 3 bdrm single story "Ranch" - MLS® $59,000 - $100 Down Payment!

McKendree Lake, Lawrenceville - GREAT RANCH HOME, EXCELLENT SCHOOLS, GOOD LOCATION, LARGE FENCED CORNER LOT, 2 STORAGE SHEDS, SIDE ENTRY GARAGE, LARGE & OPEN FLOOR PLAN, LARGE FAMILY ROOM W/VAULTED CEILINGS, OPEN KITCHEN W/STAINED CABINETS & BREAKFAST BAR, LARGE MASTER BATH.

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2 Story For Sale in Breckinridge Station

Lucia Brooks — Fri, 18 Mar 2011 20:03:00 GMT

$100 Down Payment!

• 1,845 sq. ft., 2 bath, 3 bdrm 2 story "Open Floor Plan" - MLS® $150,000 - Priced Below Market!

Breckinridge Station, Duluth - EXCELLENT HOME, GOOD CONDITION, FENCED YARD, HARDWOOD FLOORS ON MAIN & STAIRS, LARGE CUSTOM KITCHEN W/VIEW TO FAMILY ROOM, OPEN FLOOR PLAN, LOFT OR OFFICE CAN BE CONVERTED TO 4TH BEDROOM, GREAT GATED COMMUNITY W/CLUBHOUSE, POOL & WORKOUT FACILITY.

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Ranch For Sale in Richland Creek

Lucia Brooks — Tue, 15 Mar 2011 21:18:00 GMT

• 1,638 sq. ft., 2 bath, 3 bdrm ranch - MLS® $113,000 - $100 Down HUD Home!

Richland Creek, Sugar Hill - Excellent Ranch Home, Fenced Backyard, Open & Bright Floor Plan, Formal Dining Room, Vaulted Family Room w/ Fireplace, Kitchen w/ Gas Stove, Microwave, Refrigerator, Bright Breakfast Area, Large Master Bedroom w/ Walk-In Closets, Separate Shower, Garden Tub, Fenced Back Yard. Great Neighborhood.

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Stone Mountain Barbershop Chorus

Lucia Brooks — Thu, 04 Jun 2009 15:09:00 GMT

Note that this information is outdated.

The Stone Mountain Chorus will perform Saturday, featuring the Stone Mountain Barbershop Chorus and a special appearance by the quartet State Line Grocery. The performance, "Harmony Collage," will begin at 3 p.m. at Mountain Park United Methodist Church, 1405 Rockbridge Road in Stone Mountain. Tickets are $15 at the door. For more information on this concert, call 770-978-8053 or visit www.stonemountainchorus.org.

Duluth Blues on the Green

Lucia Brooks — Thu, 04 Jun 2009 15:06:00 GMT

Note that this information is outdated.

The city of Duluth will host its first-ever Blues on the Green event featuring Ross Bon and the Mighty Blue Kings at 7:30 p.m. Saturday. The concert is free and will be held at the Town Green and Amphitheater, 3142 Hill St. in Duluth. For more information, call 770-476-3434 or e-mail events@duluthga.net.

Commercial For Sale in Cruse Road Professional Office Park

Lucia Brooks — Thu, 11 Sep 2008 10:49:00 GMT

High Traffic Area!

• 2 bath commercial "Duplex" - MLS® $299,900 - Spacious Offices!

Cruse Road Professional Office Park, Lawrenceville - Excellent all brick office duplex. Approx. 2280 Sq. Feet. High traffic area has helped owner build strong business. 2 separate suites opened to make one large unit with reception area. 3 offices and conference rooms on each side. Bathroom, kitchenette w/ fridge & microwave plus drinking fountains on each side. Upgraded molding and fixtures. Upgraded phone system and T1 lines. Upgraded security system. Tenant needs 60 days to vacate.

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2 Story For Sale in Andover Glen

Lucia Brooks — Wed, 10 Sep 2008 20:25:00 GMT

Like New!

• 2 bath, 4 bdrm 2 story - MLS® $235,900 - Priced To Sell Fast!

Andover Glen, Cumming - Excellent Priced Pulte Home!
Great Location!
Upgrades Galore!
Hardwoods in Foyer & Kitchen!
Granite Counters!
Tile Backsplash!
Cherry Cabinets!
Tile Floors in Baths!
Work Desk & Shelves in Garage!
Wired for Security & Surround Sound!
Termite Bond!
Builders Warranty!
Swim/Tennis Community!

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Price Reduced on 305 Melanie Way in Plantation Park

Lucia Brooks — Mon, 08 Sep 2008 23:55:00 GMT

Plantation Park, Lawrenceville - Announcing a price reduction on 305 Melanie Way, a 3 bath, 8 bdrm 2 story "Hardcoat Stucco". Now MLS® $249,500 - Reduced!.

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