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First Time Buyers >Your Investment
Shelter is a very basic human need which most people accommodate by renting or buying a house or apartment. Rental property is often less-than-perfect. Tenants usually experience a rent increase every year or so and feel somewhat at the mercy of the owner. They don't necessarily feel a strong commitment to the property or the community.
Making a decision to buy a house is a major commitment, and the decision has both economic and emotional implications. Instead of paying the landlord's mortgage every month, homeowners pay their own mortgage and build up equity in their investment. When they paint, plant flowers or make improvements, their family reaps the benefits of a more beautiful environment. Homeowners are much more selective than renters about finding the perfect home, and their sense of personal satisfaction heightens the pride of ownership.
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| Q |
What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
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| A |
One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million. |
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Linda Clemons Reece & Nichols 9601 NE Barry Road Kansas City, MO 64158 816-407-5223 Fax: 816-781-4639 iclemons@reeceandnichols.com
The Clemons Home Team is your leading source for all of your greater Kansas City, Kearney, Blue Springs, Independence, Lee's Summit, Platte City
and Liberty real estate needs. Whether you are Buying or Selling a home, We know that it is one of the biggest events in your life and we are here to help you through the process.
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