What are the income tax benefits of owning a home?
Real estate Attorney Keith Schuman posts the next part of his guide to buying a co-op, condo or townhouse in Manhattan. He discusses the tax deductibility of interest, maintenance, second home mortgages and other considerations. Most people will engage several professionals to help in the acquisition process. These will likely start with a a real estate broker, and include a NY Real Estate Attorney, mortgage broker or bank. Since tax consequences are an important part of the decision, I personally think that it’s always a good idea to discuss your plans to purchase with your accountant or financial adviser, right at the beginning of the process too. It will fine tune your understanding of the after tax cost of your real estate purchase. You’ll find that all Corcoran Group and Comitini.com listings have a ‘purchase cost analysis’ tool online, that can be helpful as a first opinion on the after tax costs like the one in the red column on this listing. You can plug in new variables to hel
