Colleen Griffin - RE/MAX Vision



Posted by Colleen Griffin on 5/21/2018

Buying your first home is probably one of the biggest purchases you’ll make in your life. But, it does come with its advantages. Among them are tax breaks and deductions that you can take advantage of to save money if you play your cards right.

In today’s post, I’m going to cover some of the tax breaks and deductions that first-time homeowners should seek out this tax season to help them lower their tax bill.

Mortgage points

While earning points is a good thing on the basketball court, it can be a financial drain on a mortgage. Mortgage points are what buyers pay to the lender to secure their loan. They’re usually given as percentage points of the total loan amount.

If you pay these points with your closing costs, then they are deductible. Taxpayers who itemize deductions on their IRS Form 1040 can typically deduct all of the points they paid in a year, with the exception of some high-income taxpayers whose itemized deductions are limited.

PMI costs

If you’re one of the many people who made a down payment of less than 20% on your home, odds are that you’re going to be stuck with PMI, or private mortgage insurance, until you pay off at least 20% of the loan balance.

The good news is that homebuyers who purchased their home in the year 2007 and after can deduct their PMI premiums. However, the state on premium insurance deductibles is something that frequently comes up in Congress, so homeowners should ensure that these deductions are still valid when filing their taxes.

Mortgage interest

Mortgage interest accounts for the biggest deduction for the average homeowner. When you receive your Form 1098 from your lender, you can deduct the total amount of interest you’ve paid during the year.

Property taxes

Another deductible that shouldn’t be overlooked by first-time buyers is local property taxes. Save the records for any property taxes you pay so that you can deduct them during tax season.

Home energy tax credits

Some states are offering generous tax credits for homeowners who make home improvements that save energy. There are a number of improvements you might qualify for, including things like insulation and roofs, as well as photovoltaic (PV) solar panels.

IRA Withdrawals

Many first-time buyers withdraw from an IRA account to be able to make a larger down payment on their home or to pay for closing costs. In most other cases, withdrawing from an IRA will count as taxable income. However, if your IRA withdrawal is used toward a down payment or closing costs, the tax penalty is waived.


Keep these tax breaks and deductions in mind this tax season to help you save money and get a larger refund.





Posted by Colleen Griffin on 5/17/2018


2 Mount Ave, Worcester, MA 01606

Single-Family

$349,900
Price

6
Rooms
3
Beds
2/1
Full/Half Baths
****Open House this Sat, May 19th, 1:30-2:30****NEW CONSTRUCTION SINGLE FAMILY HOME PRICED TO SELL!!!**** THIS FANTASTIC HOME FEATURES AN OPEN FLOOR PLAN ~ MASTER BEDROOM SUITE WITH WALK IN CLOSET AND LARGE MASTER BATH ~ LARGE BEDROOMS ~ 2.5 BATHS ~ UPGRADED KITCHEN CABINETRY ~ GRANITE COUNTER TOPS ~ STAINLESS STEEL APPLIANCES ~ FORCED AIR ~ 2 X 6 CONSTRUCTION ~ TWO CAR GARAGE ~ LOCATED JUST MINUTES TO RTE 20, MASS PIKE, RTE 146, ITS A COMMUTERS DREAM!!
Open House
Saturday
May 19 at 1:30 PM to 2:30 PM
Cannot make the Open Houses?
Location: 2 Mount Ave, Worcester, MA 01606    Get Directions

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Categories: Open House  


Posted by Colleen Griffin on 5/17/2018


134 Afra Dr, West Boylston, MA 01583

Condo

$309,900
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
***Open House this Sunday May 20th, 1:30-3pm***Wow!!***It's the Only Way to Describe this Beautiful Town Home with a Contemporary Flare! **** This Incredible Home Features Gleaming Hardwood Floors **** Cathedral Ceilings**** Open Concept Dining, Kitchen and Living Room **** Incredible Kitchen with Pantry, Stainless Steel Appliances, Cherry Cabinetry, Gorgeous Granite, Breakfast Bar *** Large Airy Master Bedroom with Master Bath, and Walk-In Closet **** Fantastic Loft Space Perfect for a Home Office or Quiet Reading Area*** Generous Closets and Storage Space **** Oversize Deck **** Cul de sac Location and Situated in 35 Acres and Surrounded by the Serene Setting of DCR Land *** Located just Minutes to All Major Routes, Rte 140, Rte 290, Rte 495, Mass Pike, Rte 20, Rte 146 and The Commuter Rail! *****
Open House
Sunday
May 20 at 1:30 PM to 3:00 PM
Cannot make the Open Houses?
Location: 134 Afra Dr, West Boylston, MA 01583    Get Directions

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Categories: Open House  


Posted by Colleen Griffin on 5/17/2018


20 Ball St, Worcester, MA 01603

Single-Family

$279,900
Price

8
Rooms
4
Beds
2
Baths
**Open House This Sunday May 20th 11:30-1pm****New Listing***This Incredible Home Is Completely Updated from Top to Bottom!!****New Roof & Siding, Updated Windows, Gas Heating, 4-5 Bedrooms, Huge Master Suite with Master Bath and Cathedral Ceiling**** Large Light Bright Sun Filled Eat In Kitchen, Huge Dining Room and Living Room, Large Bedrooms, Gleaming Hardwoods Flooring, Huge Walk-In Closets,****First Floor Den or Fifth Bedroom and Full Bath with Double Sinks*** Freshly Painted Interior, Front Hallway and Front Porch Recently Redone with Updated Paint, Front Door and Flooring ***Full Basement with Storage Room and Huge Walk-In Cedar Closet*******Both Front and Side Enclosed Porches, Fenced in Yard with Amazing Cobbled Patios and Two Sheds***This Gorgeous Home Offer Lots of Space Wonderful for Entertaining Both Inside and Out!
Open House
Sunday
May 20 at 11:30 AM to 1:00 PM
Cannot make the Open Houses?
Location: 20 Ball St, Worcester, MA 01603    Get Directions

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Categories: Open House  


Posted by Colleen Griffin on 5/14/2018


20 Ball St, Worcester, MA 01603

Single-Family

$279,900
Price

8
Rooms
4
Beds
2
Baths
***New Listing***This Incredible Home Is Completely Updated from Top to Bottom!!****New Roof, Siding, Updated Windows, Gas Heating, 4-5 Bedrooms, Huge Master Suite with Master Bath and Cathedral Ceiling**** Large Light Bright Sun Filled Eat In Kitchen, Huge Dining Room and Living Room, Large Bedrooms, Gleaming Hardwoods Flooring, Huge Walk-In Closets,****First Floor Den or Fifth Bedroom and Full Bath with Double Sinks*** Freshly Painted Interior, Front Hallway and Front Porch Recently Redone with Updated Paint, Front Door and Flooring ***Full Basement with Storage Room and Huge Walk-In Cedar Closet*******Both Front and Side Enclosed Porches, Fenced in Yard with Amazing Cobbled Patios and Two Sheds***
Open House
No scheduled Open Houses

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Categories: New Homes  




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