Colorado Springs Vintage Homes Blog
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Tax Benefits of home ownership
Does our tax code have benefits for homeowners?
Lets look at renting vs. owning your own home.
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.
The amount of money a renter spends on rent can be about the same as the amount a homeowner spends on 
a mortgage. With the tax benefit for home owners, the savings for homeowners can be significant. Though, if something breaks or becomes faulty it will be the homeowners responsibility to repair or replace as they no longer have a landlord.
(1) One of the best known benefits of owning your home is the mortgage interest deduction. Homeowners are allowed to deduct the interest paid on their primary residence. If you have a home that you live in most of the year and also have a vacation home you can deduct the interest paid up to one million dollars. You can also deduct interest on home equity loans up to $100,000.
(2) If you’re a first time buyer, you can also qualify for the new $7500 Homebuyer tax credit. A first time buyer means you haven’t purchased a home in the past three years or have not lived in a home you’re paying a mortgage on. Unless Congress Read the rest of this entry »
El Paso County taxes are some of the lowest in the nation!
El Paso County Taxes
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It’s no secret that I’m a statistic junkie; as I find numbers fascinating. I recently came across a web site by the Tax Foundation that provides comprehensive comparisons on property taxes for all counties in the United States. One of the many things people don’t think about w
hen buying a house, is their property taxes; as it can make a big difference in their house payment. The following is a quick summary of some of the info I found on their web site.
- El Paso County residents paid $930 in annual property taxes from 2005 to 2007.
The tax, which is paid by businesses and home owners, ranked 1577th among 1,817 counties in the U.S., according to three-year estimates compiled by the U.S. Census Bureau and released Monday by Tax Foundation, a Washington-based nonpartisan group that has monitored fiscal policy levels since 1937.
- Douglas County ranked Read the rest of this entry »
