Income Tax Savings
Fortunately, our government helps to subsidize your home purchase by providing you with generous income tax deductions. Moreover, you can oftentimes increase your take home pay because you have these tax deductions. You should speak with a tax professional to investigate these opportunities fully.
To give you an example, if you borrow $200,000 at five percent interest, you would pay approximately $10,000 in interest in your first year. As a result, your taxable income would be about $!0,000 less. There are oftentimes other deductions you can claim as a result of owning your own home.
