Monday, December 20, 2010

Another Advantage to Owning Real Estate

If I've said it once, I've said it a thousand times, real estate is still the best investment you can make.  There are dozens of advantages to owning real estate, but I want to highlight one here.

Purchasing your real estate using OPM (other people's money) means that you get the benefit of paying what you can afford monthly and you can write off the interest at the end of the year.  What an advantage!!!  You get a tax break from the interest charged to you during the year.

Also, for those of you who purchased this year, you can write off the monies spent to acquire the real estate.  On this note you will want to check with you tax advisor because some of those costs may not be allowed.  Some of these costs include any points paid to obtain the financing, money out down on the mortgage, qualified mortgage insurance premiums and others.  Again check with your tax advisor.

Now you know the reason so many people rush to close on real estate in December.

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