Jeremy Drobeck of Amerifirst Home Mortgage meets with tax expert Dennis Greenfield to help people learn about some of the benefit’s to home ownership. Having the ability to take the mortgage interest deduction can in turn open up a whole bunch of other write-offs. Things such as state & local taxes that were paid, property taxes, charitable contributions, etc. . . Watch this video to learn more about these possible deductions.
Update! 10/14/2021 – since this video was produced a lot has changed. In 2018 the Tax Cut and Jobs Act increased the standard deduction thru 2025. Although mortgage interest, property taxes, PMI and many other things are still tax deductible many home owners wont have enough things to itemize on their return to make it worth itemizing. You can find more information about the TCJA here. At the end of the day many home owners wont see any tax benefits when it comes to owning a home. For more information contact your tax advisor.
Working with home buyers searching for a new primary residence is a totally different game compared to working with investors and rental property. Sure, there are similarities, but what want-to-be home owners care about is different than what an investor cares about. Frankly, for an investor, it’s all about the money and it should be. When someone purchases a rental property they are essentially running a business. If we can help them run a successful business and turn a profit they will likely come back and buy more properties.
There are lots of want-to-be investors out there and the hardest part is getting started. We are going to help unravel the maze. We will also look at long term planning. Often just knowing what needs to happen to acquire the next property and the next one after that is one of the keys to success. Owning rental property can be a great way to build wealth and we are here to help.Visit Jeremy's Blog