{"id":1084,"date":"2011-03-17T23:19:10","date_gmt":"2011-03-18T06:19:10","guid":{"rendered":"http:\/\/www.swproperties.com\/new-mexico-news\/?p=1084"},"modified":"2011-03-17T23:19:10","modified_gmt":"2011-03-18T06:19:10","slug":"tax-time-less-taxing-for-home-owners","status":"publish","type":"post","link":"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/tax-time-less-taxing-for-home-owners\/","title":{"rendered":"Tax Time Less Taxing for Home Owners"},"content":{"rendered":"

\u201cOwning a home offers myriad benefits throughout the year, but some of the financial advantages of home ownership are most apparent at tax time,\u201d said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. \u201cAs many of today\u2019s hard-working American families are feeling a financial squeeze, the tax benefits that can come from owning a home can be a welcome relief.\u201d<\/p>\n

A number of tax deductions and credits are still available for home owners; these include deductions \u2013 with specific limits \u2013 for mortgage interest and capital gains on home sales, and credits for certain energy-efficient home improvements. Even with these benefits, home owners pay 80-90 percent of all U.S. federal income taxes.<\/p>\n

\u201cIt\u2019s been suggested that many of today\u2019s tax incentives for home ownership primarily benefit wealthy individuals, but that\u2019s simply not true,\u201d said Phipps. \u201cAs today\u2019s public debate continues about what home ownership means for families, communities, and the nation\u2019s economy, there\u2019s no question that for many, owning a home is still the best way to begin building wealth.\u201d<\/p>\n

Ninety-one percent of home owners who claim the mortgage interest deduction earn less than $200,000 a year, and the ability to deduct the interest paid on a mortgage can mean significant savings at tax time. For example, a family who bought a home in 2010 with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year.<\/p>\n

\u201cRealtors\u00ae see the very real positive impact of home ownership every day with our clients,\u201d said Phipps. \u201cRecent proposals to reduce or eliminate the mortgage interest deduction and remove government support of the housing finance market could have disastrous consequences for the economy, not to mention making it harder or nearly impossible for millions of families to own their own homes. We believe America must continue to invest in home ownership, for the future of our families and our nation.\u201d<\/p>\n

For home owner tax season tips<\/a>, visit www.HouseLogic.com<\/a>. HouseLogic is a free source of information from NAR that helps home owners maintain and enhance the value of their homes and engage in issues that affect their local communities.<\/p>\n

The National Association of Realtors\u00ae, \u201cThe Voice for Real Estate,\u201d is America\u2019s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cOwning a home offers myriad benefits throughout the year, but some of the financial advantages of home ownership are most apparent at tax time,\u201d said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. \u201cAs many of today\u2019s hard-working American families are feeling a financial squeeze, the tax benefits that can come from … Continue reading “Tax Time Less Taxing for Home Owners”<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1084","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nTax Time Less Taxing for Home Owners - Southwest Properties, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/tax-time-less-taxing-for-home-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Time Less Taxing for Home Owners - Southwest Properties, Inc.\" \/>\n<meta property=\"og:description\" content=\"\u201cOwning a home offers myriad benefits throughout the year, but some of the financial advantages of home ownership are most apparent at tax time,\u201d said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. \u201cAs many of today\u2019s hard-working American families are feeling a financial squeeze, the tax benefits that can come from … Continue reading "Tax Time Less Taxing for Home Owners"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/tax-time-less-taxing-for-home-owners\/\" \/>\n<meta property=\"og:site_name\" content=\"Southwest Properties, Inc.\" \/>\n<meta property=\"article:published_time\" content=\"2011-03-18T06:19:10+00:00\" \/>\n<meta name=\"author\" content=\"lydia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"lydia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/tax-time-less-taxing-for-home-owners\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/tax-time-less-taxing-for-home-owners\/\"},\"author\":{\"name\":\"lydia\",\"@id\":\"https:\/\/www.swproperties.com\/new-mexico-news\/#\/schema\/person\/0078df1520506dc4059f304cf336b722\"},\"headline\":\"Tax Time Less Taxing for Home Owners\",\"datePublished\":\"2011-03-18T06:19:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/tax-time-less-taxing-for-home-owners\/\"},\"wordCount\":403,\"inLanguage\":\"en\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/tax-time-less-taxing-for-home-owners\/\",\"url\":\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/tax-time-less-taxing-for-home-owners\/\",\"name\":\"Tax Time Less Taxing for Home Owners - 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