Residential real estate market information for Metro Detroit's Northern Suburbs brought to you by Realtors Maureen Francis and Dmitry Koublitsky of SKBK Sotheby's International Realty. Monthly market statistics for home owners in Oakland County. MLS listings available on our web site: Oakland-County-Homes.com.

Thursday, October 20, 2005

Reduce Your Income Taxes with Real Estate

Unfortunately, its not too early to be thinking about your 2005 income taxes. We recently came across this article which contains 10 ways to save taxes. The full article is very good, but here are the highlights: "As always, before using these tax saving techniques, please consult your personal tax adviser for details. 1. BUY A PRINCIPAL RESIDENCE BY YEAR-END. 2. SELL YOUR PRINCIPAL RESIDENCE BY YEAR-END. 3. USE A HOME EQUITY LOAN TO CONVERT NON-DEDUCTIBLE LOANS INTO TAX-DEDUCTIBLE INTEREST. 4. REFINANCE YOUR HOME LOAN; DEDUCT ANY UNDEDUCTED LOAN FEE. 5. PREPAY YOUR 2006 PROPERTY TAXES IN 2005. 6. PREPAY YOUR JANUARY 2006 MORTGAGE PAYMENT IN 2005. 7. DEDUCT ANY UNINSURED CASUALTY OR THEFT LOSS. 8. DELAY TAXABLE HOME SALES UNTIL 2006. 9. IF YOU CHANGED JOB LOCATION IN 2005, DON'T FORGET YOUR MOVING-COST TAX SAVINGS. 10. A TAX-DEFERRED EXCHANGE AVOIDS TAX ON A BUSINESS OR INVESTMENT PROPERTY SALE." MiOaklandCounty.com homepage Oakland-County-Homes.com Search for Homes

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