SubDomain xxxxbanner.NorthernOhioRealtor.com
is available to a Northern Ohio Realtor.

Please contact Tim Bradford if you wish to use this ID

Home

Seller Proceeds Calculator

Your Company Home Page

Short Sale Info
OHFA Program Info Compare Loan Payments The Cost of Renting Home Buying Guides
RBMG_RightOnTarget.jpg (25868 bytes)

Your home may well
be the best tax shelter
you could possibly own.
If you are considering the purchase of a home, or just desire to refresh your knowledge, it will be helpful to know some of the tax-related benefits of home ownership. Be sure to check with your tax professional to confirm' you qualify for specific deductions.

MORTGAGE INTEREST
In most cases homeowners can deduct interest payments on mortgage debts. For example suppose you bought your house with a $200,000 mortgage at a 7 1/2 percent interest rate. Your monthly principal and interest would be about $1400 per month or about $16,800 annually. Of this amount, close to $15,000 would be in interest and almost $2,000 would reduce the principal. With the mortgage interest deduction, you may be able to deduct the $15,000 from your gross income.

HOME EQUITY LOAN INTEREST
As a homeowner, you may be able to deduct the interest on any loan that is secured by your residence. The deduction is limited to interest on the amount of the debt that does not exceed the equity in you home.

CLOSING COSTS
When purchasing a home, buyers generally obtain a mortgage. Mortgages have costs and one of those costs is the "loan origination fee.' The loan origination fee is usually a percentage of the loan amount generally expressed as "points." These fees are tax deductible. Additionally, pre-paid interest and pro-rated property taxes collected at closing may also be deducted.

PROPERTY TAXES
Often referred to as "real estate taxes", property taxes maybe fully deducible from your income. You can't deduct escrow money help for property taxes until the money is actually used to pay your property taxes.

SELLING YOUR HOME
If you have a gain from the sale of your principal residence you may be able to keep up to $250,000 tax free. ($500,000 on a joint return in most cases). The property must be owned and occupied as a principal residence for two of the previous five years.

This Footer would contain your personal information
and Logo, not mine.   

Tim Bradford 
Lending Specialist 
216-324-8113

This Site is Maintained and Supported by Tim Bradford, A Loan Officer
with American Midwest Mortgage Corp.  Consider Visiting his AllOhioMortgage.com Website.
or start a Pre Approval or Online Loan Application

This site is designed for consumers looking to buy or sell a home, or find a qualified real estate agent and Realtor in the following towns in the Northern Ohio, Greater Cleveland, Ohio area: Westlake, Rocky River, Avon, Avon Lake, Bay Village, West Park, Ohio City, Lakewood, Fairview Park, North Ridgeville, North Olmsted, Olmsted Falls, Elyria, Lorain, Medina, Lyndhurst, Berea, Middleburg Heights, Parma, Strongsville, Independence, Brecksville, Sheffield, Broadview Heights, or North Royalton.  Tim Bradford is a full time Mortgage Banker/Broker serving Northern Ohio, Including Cuyahoga County, Lorain County, and Medina County. 

If you are looking for a home to buy, a homes for sell, to find a Realtor, MLS Listings, Cleveland Relocation Information, First Time Home Buyer information, home values or property Values, Multiple Listing Service, buyers agent, real estate investment, hud homes, or foreclosures, This site has the information that you are looking for.