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Understanding Mortgage Points
What Exactly is a Point? A point is a fee equal to 1% of the loan amount. A 30-year, $150,000 mortgage might have a rate of 7% but come with a charge of 1 point, or $1,500.A lender can charge 1, 2 or...
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A taxing question aimed at homeowners
Could the popular $250,000-$500,000 tax-free exclusion of capital gains on sales of homes be a target in any broad-scale, postelection effort to reduce the federal debt and deficit? Absolutely. Though...
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Mortgage-interest deduction could be on the table in ‘fiscal cliff’ debate
Of all the deductions woven into the sprawling U.S. tax code, few have been more fiercely guarded than the enormous tax break that lets homeowners deduct the interest they pay on their mortgages. But...
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Battle Over Mortgage Interest Deduction Continues in House Committee
The House Ways and Means Committee heard a wide variety of opinions today at a hearing on housing tax incentives. Representatives of the housing, building and real estate industries as well as policy...
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3 Often Overlooked Real Estate Tax Breaks
I’ve been in this business long enough now to have mastered the timeline along which most of our real-estate-related thought processes play out vis-a-vis the actual calendar. January dawns with...
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Six important tax tips for homeowners
For tax year 2013, the standard deduction is $6,100 for single Americans and $12,200 for those married and filing jointly. That means unless you can claim more than those amounts, there’s no reason to...
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Should Congress Limit the Mortgage-Interest Deduction?
There are easier ways to reduce one’s tax bill. But for many American taxpayers, this is the big one: the deduction for interest payments on home mortgages. Homeowners in the U.S. last year received a...
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