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Tax Considerations >Tax Reform

Owning a home still offers significant tax benefits. If you are renting, it may be a good time to sit down with a professional real estate agent to see how much you can save each year by owning your own home.

You save in two ways when you purchase a home. Even though most interest deductions have been phased out, home mortgage interest and state and local property taxes can be deducted. The interest on a home equity loan may also be deductible.

Your real estate agent can show you how these savings will apply in your situation. You may be pleasantly surprised when you compare the tax savings you will receive as a result of owning your home, and you will build up equity as your home appreciates in value! Also, first-time buyers will see expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, allowing penalty-free withdrawals to purchase a home in the Taxpayer Relief Act passed in August, 1997. Consult your tax advisor for your particular circumstance.

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Q	Where is the world's longest spiral staircase?
A	The White County Coal Mine in Carmi, Illinois has a spiral staircase that measures 1,103 feet and has 1,520 steps.
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The Dickerson Team, REALTOR®, real estate agent and broker for Aurora, Sugar Grove, Yorkville and Naperville, Illinois home listings, property and land for sale - NUMBER1EXPERT

The Dickerson Team
RE/MAX of Naperville
116 W. Gartner
Naperville, IL 60540
Toll Free: 888 777-1165
Keith's Cell Phone: 708 341-2076
Fax: 630-735-5105
Email: Info@TheDickersonTeam.com
The Dickerson Team is ranked in the TOP 1% of ALL Northern Illinois Realtors and TOP 25 RE/MAX Teams in Illinois. If you're looking to buy or sell real estate, go with a Team with a record of success. Call The Dickerson Team TODAY at 888-777-1165!!

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